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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 or modified without consent. An Operating Agreement is an internal document for members of an LLC that outlines management procedures both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the state. The agreement specifies the members' identities, their ownership percentages (membership interests), and management structure of the LLC.