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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA in your state. This material is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management and ownership structure. It details the members’ identities, their ownership percentages, and the management processes of the LLC. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but should be retained with business records.