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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected, and redistribution or modification without consent is not allowed. An Operating Agreement is a crucial internal document for an LLC, detailing financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Operating Agreement outlines the members of the LLC, their ownership percentages (membership interest), and management procedures for the LLC.