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This information 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 reproduced without consent. An Operating Agreement is a crucial document for LLC members, outlining the management structure, financial operations, and member ownership percentages. Unlike LLC Formation Documents, it does not need to be submitted to the state and is kept internally with business records. Its primary purpose is to clearly define member roles and the management of the LLC.