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The provided 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 without consent. An Operating Agreement is an internal document for LLC members detailing management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be retained with business records. The Operating Agreement outlines member identities, ownership percentages (membership interests), and management procedures, as well as how the LLC is taxed.