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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures, differing from LLC Formation Documents, which must be submitted to the State. It specifies member identities, ownership percentages, and management structure of the LLC.