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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial document for LLCs, detailing management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the State but maintained internally with business records. The Operating Agreement outlines the members of the LLC, their ownership percentages (membership interest), and how the LLC will be managed and taxed.