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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document between LLC members that outlines management protocols, financial structure, and how the LLC operates. It details the members’ identities and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement doesn’t need to be submitted to the state but should be kept with business records.