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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is an internal document for LLC members that outlines the management and operational structure of the LLC. It is not submitted to the State but must be kept with business records. The agreement details the members' identities, their ownership percentages (membership interest), and management and tax procedures for the LLC.