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The provided information is for educational purposes and does not serve as legal, tax, or financial advice. For specific advice, it's recommended to consult with a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members, outlining management and ownership details such as members' identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records. The Agreement also details how the LLC is managed and the tax responsibilities for its members.