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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and may not be copied or distributed without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. It does not need to be submitted to the State. The agreement details the members, their ownership percentages (membership interest), management structure, and tax responsibilities of the LLC. Keep a copy with your business records.