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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines management and ownership details. It specifies the members, their ownership percentages, and the operational management of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state but should be kept with business records.