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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed without consent. An Operating Agreement is a document between LLC members detailing management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the State but kept with business records. The Operating Agreement identifies the members and their ownership percentages (membership interest) and outlines the management structure and tax responsibilities of the LLC.