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This information serves educational purposes only and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA in your state. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining management and operational procedures. It does not need to be submitted to the state and should be kept with business records. The agreement details member identities, their ownership percentages (membership interests), and the management structure of the LLC.