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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it is recommended to consult with a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent from the author. An Operating Agreement is an internal document for LLC members, detailing management structures both financially and operationally. It specifies the members and their ownership percentages, or membership interests. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state but should be kept with business records.