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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the state. The agreement details the members, their ownership percentages (membership interests), and management structure of the LLC.