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The provided information serves educational purposes only and should not be considered legal, tax, or financial advice. Consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a crucial internal document for an LLC, detailing the management and operational structure. It identifies the members and their ownership percentages, known as membership interest, and outlines management procedures and tax obligations. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be retained with business records.