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The information provided 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 copied or redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and operational procedures. It includes details on member identities, their ownership percentages (membership interests), and the management structure of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state but should be retained with business records.