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This information is provided for educational purposes only and is not legal, tax, or financial advice. For personalized guidance, consult a licensed attorney or CPA. The content is copyright protected. An Operating Agreement is an internal document for an LLC that outlines management and operational procedures. Unlike LLC Formation Documents, it doesn’t need to be submitted to the State but should be kept with business records. The Agreement details member identities, their ownership percentages (membership interest), management structure, and tax responsibilities.