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This information is for educational purposes and not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines the management of the LLC, including financial and operational aspects. It is not submitted to the State like LLC Formation Documents. The Operating Agreement details member identities, their ownership percentages (membership interest), and management structure, playing a vital role in defining how the LLC operates and is taxed.