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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice regarding your business, consult a licensed attorney or CPA. The content is copyright protected and may not be reproduced without consent. An Operating Agreement is a key document for LLCs that outlines the management structure and financial arrangements among members. It is not submitted to the state but should be retained with business records. This agreement details member identities, their ownership percentages (membership interests), and management procedures, including tax matters related to the LLC.