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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. It's advised to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a crucial internal document for an LLC, detailing management, financial structure, and membership interests. It identifies members and their ownership percentages, and outlines management procedures. Unlike formation documents, it does not need to be submitted to the State, but should be retained with business records.