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The information provided is for educational purposes only 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 consent. An Operating Agreement is an internal document for an LLC that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. The agreement identifies the LLC members, their ownership percentages (membership interests), and details the management structure and procedures for the LLC.