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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. This lesson's content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a key internal document for an LLC, outlining how it will be managed financially and operationally. Unlike LLC Formation Documents, it doesn’t need to be submitted to the State. The Agreement specifies the members of the LLC, their ownership percentages (membership interest), and how the LLC is to be managed, addressing tax matters as well.