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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for an LLC that outlines how it will be managed both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State. The Operating Agreement specifies the members of the LLC, their ownership percentages (membership interest), and management procedures for the LLC.