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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 redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines the management and ownership structure of the LLC. It specifies the members, their ownership percentages, and the management framework of the LLC. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State and should be kept with business records.