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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a crucial internal document for an LLC, outlining financial and operational management. It is not submitted to the state but should be kept with business records. The Agreement details the members of the LLC, their ownership percentages (membership interests), and defines the management structure and tax obligations of the LLC.