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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. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for LLC members that outlines management procedures and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state and should be retained with business records. Its purpose is to define member roles, ownership stakes, management structure, and tax responsibilities within the LLC.