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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For advice specific to your business, 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 financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The agreement details the members, their ownership percentages (membership interests), and management procedures, along with tax handling strategies.