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The provided information serves educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This material is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Agreement specifies members' identities, their ownership percentages (membership interest), and how the LLC is governed and taxed. It should be kept with business records.