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This tutorial provides information solely for educational purposes and does not serve as legal, tax, or financial advice. For specific concerns, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is crucial for LLCs, outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the state, serving instead as an internal document to be kept with business records. Its main functions include identifying LLC members and their ownership percentages (membership interests), as well as establishing management protocols for the LLC.