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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The material is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. The Operating Agreement specifies member identities, their ownership percentages (membership interests), and management and tax procedures for the LLC.