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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; for specific guidance, consult a licensed attorney or CPA. The text discusses the Operating Agreement of an LLC, which is an internal document outlining the management and financial operations of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the state. The Operating Agreement details member identities, their ownership percentages, and management procedures, serving as an important record for business operations. Redistribution, copying, or modification of this lesson requires prior written consent from the author.