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The information provided is for educational purposes only and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document for LLC members that outlines financial and operational management. It identifies the members and their ownership percentages (membership interests) and details the management structure and tax treatment of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records.