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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining the management structure, financial operations, member identities, and their ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the State but should be retained with business records. The Agreement clarifies management procedures and tax distributions within the LLC.