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This information is for educational purposes only and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document between LLC members detailing the management of the LLC both financially and operationally. Unlike LLC Formation Documents, the Operating Agreement is an internal document and does not need to be submitted to the State, but should be kept with business records. The agreement outlines the members and their ownership percentages, as well as management procedures for the LLC.