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The information presented is for educational purposes and does not serve as legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected, and redistribution, copying, or modification requires written consent from the author. An Operating Agreement is an internal document for an LLC that outlines its management and operations. It is not submitted to the State and should be kept with business records. The agreement specifies the members of the LLC, their ownership percentages (membership interests), and management procedures for the LLC.