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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; it’s recommended to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement is an internal document for LLC members detailing management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the State. This agreement specifies the members and their ownership percentages (membership interests) and outlines the management and tax arrangements of the LLC.