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This information is for educational purposes only and does not serve as 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 an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the state. The Operating Agreement specifies the members, their ownership percentages (membership interests), and how the LLC will be managed and taxed. It should be retained with business records.