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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The information is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Operating Agreement details the members' identities, their ownership percentages (membership interests), and the management structure of the LLC. It also addresses tax matters related to the LLC.