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The information provided is for educational purposes only and does not serve as legal, tax, or financial advice. It is advised to consult a licensed attorney or CPA for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC, outlining management and financial operations. It details the members of the LLC, their ownership percentages (membership interests), and how the LLC is managed, including tax matters. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be kept with business records.