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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document for LLC members outlining financial and operational management. Unlike LLC Formation Documents, it is not submitted to the State but is kept internally with business records. The Operating Agreement identifies members, their ownership percentage (membership interest), and how the LLC is managed and taxed.