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This information is for educational purposes only and is not 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 outlines the management structure of an LLC, detailing how it will be operated financially and operationally. Unlike LLC Formation Documents, it doesn’t need to be submitted to the State and is maintained internally. The Agreement specifies the members, their ownership percentages (membership interests), and how the LLC will be managed, including tax implications.