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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines financial and operational management. It does not need to be submitted to the state and should be kept with business records. This agreement specifies the members and their ownership percentages (membership interest), and details LLC management procedures and other operational aspects.