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This information is provided for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it is not submitted to the state but is kept internally with business records. The Agreement details member identities and ownership percentages (membership interest), as well as the management structure and tax responsibilities of the LLC.