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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. It emphasizes that the content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, outlining the management structure and financial operations. It details the members, their ownership percentages (membership interest), and management procedures. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state but should be kept with business records.