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The information provided 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 business needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it doesn’t need to be submitted to the State but must be kept with business records. This agreement identifies the members and their ownership percentages and specifies management structures and tax handling.