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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific 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 management and operational procedures. It details the members of the LLC and their ownership percentages (membership interests). The Operating Agreement is not required to be submitted to the state and should be kept with business records. Its purpose is to clearly define the management structure and ownership of the LLC.