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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be distributed or modified without permission. An Operating Agreement is a crucial internal document for an LLC, outlining the management of the LLC both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The Operating Agreement details member identities, ownership percentages, and management procedures for the LLC.