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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent from the author. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state. The Operating Agreement details the members' identities, their ownership percentages (membership interest), and the management structure of the LLC. Keep this document with your business records.