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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney and/or CPA. This content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document that outlines the management of an LLC, detailing financial and operational aspects. It is not required to be submitted to the State and is an internal document that should be kept with business records. The agreement identifies the members and their ownership percentages (membership interest) and defines the management structure and taxation of the LLC.