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The information presented serves educational purposes only and is not legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. This content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management and operational structure. Unlike LLC Formation Documents, it is not submitted to the state but is kept with business records. The agreement details member identities, their ownership percentages, and management procedures for the LLC.