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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific business needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members, outlining management and financial governance. Unlike LLC Formation Documents, it does not need to be submitted to the state but must be retained with business records. It specifies the members, their ownership percentages (membership interests), and management structure, as well as tax handling procedures for the LLC.