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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This material is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document outlining the management and operational structure of an LLC. It is separate from the LLC Formation Documents and does not need to be submitted to the state. The agreement details the members of the LLC, their ownership percentages (membership interest), and how the LLC will be managed, including tax handling. Keep a copy with your business records.