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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult with a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the state but should be retained with business records. The Operating Agreement details member identities, ownership percentages (membership interests), and management and tax handling for the LLC.