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The provided information 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 permission. An Operating Agreement is a critical internal document for LLC members that outlines management, financial responsibilities, and member ownership percentages. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be maintained with business records. The Operating Agreement details member identification and membership interest, as well as management procedures for the LLC.