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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without written consent from the author. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. It details member identities and ownership percentages (membership interest) and describes the management structure and tax handling of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State and should be kept with business records.