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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and should not be redistributed without consent. An Operating Agreement outlines the management of an LLC both financially and operationally. It is an internal document that does not need to be submitted to the State, but should be kept with business records. The agreement states the members of the LLC, their ownership percentages (membership interests), and details on management and taxation of the LLC.