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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for an LLC that outlines how it will be managed financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. The Agreement details the members of the LLC, their ownership percentages (membership interest), and the management and tax procedures for the LLC.