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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected. An Operating Agreement is a key document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it is internal and does not need to be submitted to the state; it should be kept with business records. The agreement specifies member identities, ownership percentages (membership interests), and outlines management processes within the LLC.