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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The material is copyright protected and may not be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines the management and financial operations of the business. Unlike LLC Formation Documents, it does not need to be submitted to the state. The Operating Agreement details member identities, their ownership percentages (membership interest), and management procedures, as well as tax implications for the LLC.