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This information is provided solely for educational purposes and does not constitute legal, tax, or financial advice. For specific business needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document outlining the management of an LLC, detailing member identities and ownership percentages (membership interest). Unlike LLC Formation Documents, it doesn't need to be submitted to the State and is an internal document maintained with business records. The Operating Agreement specifies management procedures and tax handling for the LLC.