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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, individuals should 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 an LLC that outlines management and ownership details among members. It specifies who the members are, their ownership percentages, and how the LLC will be managed financially and operationally. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be retained with business records.