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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document for an LLC that outlines management structure and operations. It identifies members and their ownership percentages, also known as membership interests. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The agreement also defines management and tax-related matters.