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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management, ownership percentages, and operational processes. Unlike LLC formation documents, it does not need to be submitted to the state but should be kept with business records. The agreement clarifies member identities, their respective ownership interests, and management and tax structures of the LLC.