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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a crucial internal document for an LLC, detailing its financial and operational management. It specifies the members of the LLC and their ownership percentages, known as membership interests. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but should be retained with business records.