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The provided information is for educational purposes only 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 without consent. An Operating Agreement is an internal document for LLC members that outlines the management of the LLC, both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Agreement specifies the members' identities and their ownership percentage (membership interest), as well as management procedures and tax implications for the LLC.