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The information presented is for educational purposes only and does not constitute legal, tax, or financial advice. Consult a licensed attorney or CPA for specific advice. The content is copyright protected, and redistribution is prohibited without written consent. An Operating Agreement is an internal document for LLC members that outlines management procedures and financial operations. Unlike LLC Formation Documents, it is not submitted to the State but should be kept with business records. The Operating Agreement specifies the members, their ownership percentages (membership interest), and management structure of the LLC.