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The provided information is for educational use only and does not constitute legal, tax, or financial advice. For specific advice, consultation with a licensed attorney or CPA is recommended. The material is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. It identifies members and their ownership percentages (membership interest) and details how the LLC is managed and taxed. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records.