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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected, and redistribution or modification requires prior written consent. An Operating Agreement is a key internal document for an LLC, detailing management and operational procedures. It establishes the members of the LLC and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but should be maintained with business records. It outlines management structure and tax responsibilities.