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This information is for educational purposes only and does not constitute 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 the management structure and financial operations of the business. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Agreement details the members, their ownership percentages, and the management procedures of the LLC.