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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The material is copyright protected and cannot be distributed without consent. An Operating Agreement is an internal document for LLC members outlining management and operational procedures. It details member identities, ownership percentages (membership interests), and the management structure of the LLC. Unlike LLC Formation Documents, it doesn't need to be submitted to the State and should be kept with business records.