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This information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, individuals should consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement is a key document for an LLC, outlining how it will be managed financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The agreement details the members, their ownership percentages, and how the LLC will be managed and taxed.