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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice related to your business, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document among LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State. The agreement specifies the members, their ownership percentages (membership interests), and management structure, as well as tax-related details.