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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA in your state. This lesson's content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the financial and operational management of an LLC among its members. Unlike LLC Formation Documents, it is not submitted to the State but is kept internally with business records. The agreement details the members' identities, their ownership percentages, and the management structure of the LLC.