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This information is for educational purposes only and not legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document that outlines the management of an LLC, including members' identities and ownership percentages, known as membership interest. Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records. The document specifies the management structure and tax responsibilities of the LLC.