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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, 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 document for an LLC that outlines how it will be managed financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the state. The agreement details the members of the LLC, their ownership percentages (membership interest), and the management structure, including tax handling. Keep the agreement with your business records.