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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. This lesson's content is copyright protected. An Operating Agreement outlines the management of an LLC, detailing the members, their ownership percentages, and the operational structure. Unlike LLC Formation Documents, it is not submitted to the state but kept internally with business records. The Agreement lays out how the LLC will be managed financially and operationally, ensuring clarity among members regarding their roles and interests within the company.