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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for an LLC that outlines management and operations. Unlike LLC Formation Documents, it is not submitted to the State and should be kept with business records. The Operating Agreement details the members of the LLC, their ownership percentages (membership interests), and defines management and tax procedures.