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This information is for educational purposes only and does not constitute legal, tax, or financial advice. It is recommended to consult a licensed attorney or CPA for advice specific to your business. The content is copyright protected and cannot be redistributed without consent from the author. An Operating Agreement is an internal document that outlines the management structure of an LLC, including member ownership percentages and management procedures. Unlike LLC Formation Documents, it is not submitted to the State but should be kept with business records. The Agreement specifies member identities, their membership interests, and management and tax handling processes.