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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. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a key internal document for an LLC, detailing management structure and operational procedures. Unlike LLC Formation Documents, it is not submitted to the state but is kept with business records. The Operating Agreement outlines the members of the LLC, their ownership percentages (membership interests), and the management framework, including tax-related aspects.