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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, one should consult a licensed attorney or CPA. The text discusses the Operating Agreement of an LLC, which is an internal document outlining the management and operational procedures of the LLC. Unlike formation documents, the Operating Agreement does not need to be submitted to the state and should be retained with business records. It specifies the members of the LLC, their ownership percentages, and details on how the LLC will be managed and taxed. The content is copyright protected and cannot be redistributed without consent.