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This information is for educational purposes only and does not constitute legal, tax, or financial advice. Consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for an LLC, outlining financial and operational management. Unlike LLC Formation Documents, it is an internal document that does not need to be submitted to the State but should be kept with business records. The Operating Agreement details member identities, their ownership percentages (membership interests), and management structure, as well as tax responsibilities.