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This information is for educational purposes and is not legal, tax, or financial advice. For specific advice related to your business, 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 that details the management of the LLC, covering financial and operational aspects. It does not need to be submitted to the State and should be kept with business records. The agreement outlines the members, their ownership percentages (membership interests), management structure, and tax obligations of the LLC.