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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific advice. The content is copyright protected and may not be reused without consent. An Operating Agreement is an internal document for LLC members that outlines the management and operational procedures of the LLC. Unlike LLC Formation Documents, it is not required to be submitted to the state. The Operating Agreement details the members' identities, their ownership percentages, and the management structure of the LLC.