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The provided information is for educational purposes only and not legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. This lesson’s content is copyright protected and cannot be reused without the author's permission. An Operating Agreement is a key internal document for an LLC that outlines management and ownership details. Unlike LLC Formation Documents, it does not need to be submitted to the State. It primarily specifies the members, their ownership percentages (membership interests), and the management structure, along with tax considerations. Keep the Operating Agreement with your business records.