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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For such advice tailored to your business, consult a licensed attorney or CPA. The content is copyright protected and cannot be distributed or modified without consent. An Operating Agreement is an internal document for LLC members, outlining management procedures and ownership percentages (membership interests). It details financial and operational governance but does not need to be submitted to the state. The agreement serves to define member roles and management structures of the LLC concerning taxation and operational conduct.