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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For tailored guidance, consult a licensed attorney or CPA. The content is copyright protected and may not be reused without consent. An Operating Agreement is an internal document for LLC members that outlines management, ownership percentages, and operational guidelines. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. The agreement specifies member identities, ownership stakes (membership interest), management structure, and tax handling.