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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice related to your business needs, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management structure, member identities, ownership percentages (membership interests), and operational procedures. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be kept with business records for reference.