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The information provided serves 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 vital internal document for an LLC, detailing its financial and operational management. Unlike LLC Formation Documents, it doesn't require submission to the state and should be kept within business records. The Agreement outlines the members of the LLC, their ownership percentages (membership interests), and the management structure, as well as tax implications.