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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This lesson’s content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining management and financial operations. It does not need to be submitted to the state and should be kept with business records. The Agreement identifies members, their ownership percentages (membership interests), and management structures, as well as tax-related details.