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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and operations. Unlike LLC Formation Documents, it does not need to be submitted to the State. The agreement specifies the members, their ownership percentages (membership interests), and details on LLC management and taxation. It should be kept with business records for reference.