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The information provided is for educational purposes and is not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document that outlines the management of an LLC, detailing the members, their ownership percentages (membership interest), and management procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be retained with business records. The agreement also addresses how the LLC is managed and taxed.