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The information provided 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 cannot be reproduced without consent. An Operating Agreement is an internal document for LLC members, outlining financial and operational management. Unlike LLC Formation Documents, it is not required to be submitted to the state. The agreement specifies the members of the LLC, their ownership percentages (membership interests), and establishes management procedures.