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This information is for educational purposes only and does not constitute legal, tax, or financial advice; it's recommended to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a vital document for an LLC, outlining management and operational protocols. Unlike LLC Formation Documents, it does not require submission to the State and should be retained with business records. The agreement details member identities, ownership percentages, and management structure, as well as tax implications associated with the LLC.