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The information presented is for educational purposes only and does not serve as legal, tax, or financial advice. For tailored advice, consulting a licensed attorney or CPA is recommended. This content is copyright protected and cannot be reused without permission. An Operating Agreement is a document for LLC members that outlines the management of the LLC both financially and operationally. Unlike LLC Formation Documents, it is not required to be submitted to the State but should be kept within business records. The Operating Agreement specifies the members and their ownership percentages (membership interest) and details the management structure of the LLC.