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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA in your state. The content is copyright protected and cannot be reused without written consent from the author. An Operating Agreement is a key internal document for an LLC, outlining management, financial operations, and the members' ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be kept with business records. It details member roles and management structure of the LLC.