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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For such advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it is not submitted to the State but kept internally with business records. The Operating Agreement specifies the members and their ownership percentages (membership interest) and defines management processes for the LLC.