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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyrighted and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC that outlines its financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the state but must be kept with business records. The Operating Agreement identifies the members, their ownership percentages (membership interest), and the management structure of the LLC, as well as tax-related aspects.