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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining management strategies and financial operations. Unlike LLC Formation Documents, it doesn’t need to be submitted to the State but should be kept with business records. The agreement details the members, their ownership percentages (membership interest), and management procedures for the LLC.