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The provided 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 advice. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC that details how it will be managed financially and operationally. Unlike LLC Formation Documents, it doesn't need to be submitted to the State. The Operating Agreement outlines member identities, ownership percentages (membership interests), management structure, and tax responsibilities within the LLC. Keep a copy with your business records.