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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document between LLC members detailing financial and operational management. Unlike LLC Formation Documents, it doesn’t need to be submitted to the state and should be kept with business records. The Agreement specifies member identities and their ownership percentages, or membership interests, and outlines the management and tax procedures of the LLC.