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This information is for educational purposes only and does not constitute legal, tax, or financial advice; for specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a crucial internal document for an LLC, outlining management and financial operations. Unlike LLC Formation Documents, it is not required to be submitted to the state. The Operating Agreement details the members of the LLC, their ownership percentages (membership interest), and the management structure of the LLC. It serves to clarify roles and expectations among members.