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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members outlining management and operational guidelines. Unlike LLC Formation Documents, it is not submitted to the State but should be retained with business records. The Operating Agreement specifies the members, their ownership percentages, and details on LLC management and operations.