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This information serves educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The material is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document for LLC members that outlines management structure and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State and remains an internal document stored with business records. It details the members' identities, their ownership percentages (membership interest), and the management and tax handling of the LLC.