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The information presented is for educational purposes only and does not constitute legal, tax, or financial advice. For such matters, it's recommended to consult a licensed attorney or CPA. The content is protected by copyright and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines the management of the LLC, both financially and operationally. Unlike LLC Formation Documents, it doesn't need to be submitted to the state. The Operating Agreement details the members' identities, their ownership percentages (membership interests), and operational management procedures for the LLC.