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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without the author's consent. An Operating Agreement is a key internal document for an LLC, outlining the management structure and financial operations of the business. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. The Agreement details the members of the LLC, their ownership percentages, and management procedures.