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This information is for educational purposes and not legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA in your state. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal agreement among LLC members that outlines the management of the LLC, both financially and operationally. Unlike LLC Formation Documents, it does not require submission to the State. The Agreement specifies member identities, ownership percentages (membership interests), and management structure, as well as tax-related details. Keep a copy of the Operating Agreement with business records.