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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is a key internal document for an LLC, detailing the management structure and operational procedures. It outlines the members, their ownership percentages (membership interests), and management processes. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but should be retained with business records.