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The text advises that the provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is crucial for LLCs, detailing management structure, financial operations, member identities, and ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state but should be kept with business records. Its primary purpose is to clarify management roles and ownership allocations.