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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 copied or redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines management structure and financial operations. It specifies the members' identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. The agreement also details how the LLC will be managed.