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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, detailing the management of the LLC both financially and operationally. Unlike LLC Formation Documents, it doesn't need to be submitted to the State. The agreement outlines the members, their ownership percentages (membership interest), and the management and tax procedures of the LLC.