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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 reproduced without consent. An Operating Agreement serves as an internal document for an LLC, detailing management and operational procedures. It defines the members, their ownership percentages (membership interests), and the management structure of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state and should be kept with business records.