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The text provides information on the importance of an Operating Agreement for an LLC, stating that it outlines the management and financial aspects of the LLC. Unlike Formation Documents, the Operating Agreement is an internal document and does not need to be submitted to the State. It specifies the members and their ownership percentage, as well as how the LLC will be managed. It is recommended to consult with a licensed attorney or CPA for tailored advice. Copyright protection is noted, and the agreement should be kept with business records.
