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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For such needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that details financial and operational management of the LLC. It is not submitted to the State but must be maintained with business records. The agreement specifies the members, their ownership percentages (membership interests), and outlines the management structure of the LLC.