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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines the management structure and operations of the LLC. It details the members, their ownership percentages (membership interests), and the management and taxation procedures of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the State, but should be kept with business records.