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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized advice, 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 outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State. The agreement details the members and their ownership percentages, known as membership interests, and defines the management structure and tax responsibilities of the LLC. Keep a copy with your business records.