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The information provided is for educational purposes and does not serve as legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Agreement details the members, their ownership percentages (membership interests), and the management structure of the LLC, along with tax implications.