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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For such advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines how an LLC is managed financially and operationally. Unlike LLC Formation Documents, it remains an internal document and does not need to be submitted to the State—just retained with business records. The Agreement specifies the members of the LLC, their ownership percentages (membership interests), and the management structure of the LLC.