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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. Individuals should consult with a licensed attorney or CPA for specific advice. This 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 structures and financial operations. Unlike LLC Formation Documents, it is not submitted to the State but should be kept with business records. The Operating Agreement specifies members, their ownership percentages (membership interest), and management procedures for the LLC.