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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without the author's consent. An Operating Agreement is an internal document for LLC members, outlining management and operational procedures. It specifies the members and their ownership percentages, known as membership interests, and defines the LLC's management structure and tax responsibilities. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be kept with business records.