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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The text emphasizes that the content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, detailing management and financial structure. It outlines the members of the LLC, their ownership percentages (membership interest), and the operational management of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be retained with business records.