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The information is for educational purposes only and does not constitute legal, tax, or financial advice; such advice should be sought from a licensed professional. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for an LLC, detailing how it will be managed financially and operationally. Unlike LLC Formation Documents, it is not submitted to the State but kept as an internal document. The Operating Agreement outlines the members of the LLC, their ownership percentages (membership interests), and the management structure of the LLC, including tax-related aspects.