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This information 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 without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike formation documents, it is not submitted to the State but should be kept with business records. The Operating Agreement details member identities, their ownership percentages (membership interest), and outlines management procedures for the LLC.