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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 or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document that outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interests). It is an internal document that does not need to be submitted to the state but should be kept with business records. The agreement also defines the management process and tax responsibilities of the LLC.