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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document that outlines the management structure of an LLC, detailing financial and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state, as it is kept internally. The agreement identifies the members and their ownership percentage, also known as membership interest, and defines management and tax procedures for the LLC.