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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. It is recommended to consult a licensed attorney or CPA for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining management and ownership details, including members' identities and their percentage of ownership (membership interest). Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the state but should be kept with business records. It defines management procedures and operational guidelines for the LLC.