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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC that outlines how the business will be managed financially and operationally. Unlike Formation Documents, it doesn't need to be submitted to the state and should be kept with business records. The Operating Agreement specifies the members of the LLC, their ownership percentages (membership interest), and details on management and taxation.