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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document between LLC members detailing financial and operational management. Unlike LLC Formation Documents, it is not submitted to the state but kept internally with business records. The Agreement outlines member identities, their ownership percentages (membership interests), and management structure of the LLC, including tax handling procedures.