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This information is for educational purposes only and does not constitute legal, tax, or financial advice. Consult a licensed attorney or CPA for specific advice regarding your business. The content is protected by copyright and cannot be redistributed without the author’s consent. An Operating Agreement outlines how an LLC is managed both financially and operationally. Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state but should be retained with business records. It details the members of the LLC, their ownership percentages (membership interest), and management procedures for the LLC.