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The 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 the author’s consent. An Operating Agreement is an internal document for LLC members that outlines management structures both financially and operationally. It is not submitted to the State like LLC Formation Documents and should be kept with business records. The Agreement specifies members' identities, their ownership percentages (membership interests), and management processes of the LLC.