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The provided information is for educational purposes only and is not legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document among LLC members that outlines how the LLC will be managed financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records. The Operating Agreement details the members, their ownership percentages (membership interests), and the management and tax responsibilities of the LLC.