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The provided information is for educational purposes only and is not legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is a document between the members of an LLC outlining financial and operational management. It is not submitted to the State but should be kept with business records. The agreement specifies the members and their ownership percentages, known as membership interests, and details the management structure and tax considerations for the LLC.