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The information provided is for educational purposes only 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 permission. An Operating Agreement is an internal document for an LLC that outlines its management structure and operations. Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records. The agreement specifies member identities, their ownership percentages (or membership interests), and management and tax protocols for the LLC.