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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the management and operational procedures of an LLC, differing from LLC Formation Documents as it does not need to be submitted to the State. It is an internal document that should be kept with business records. The Operating Agreement defines the members of the LLC, their ownership percentages (membership interest), and the management structure and taxation of the LLC.