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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal agreement among LLC members outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. The agreement identifies members and their ownership percentages (membership interests) and defines management structure and tax responsibilities.