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The information shared is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is a key document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal document. Its purpose includes identifying members and their ownership percentages, as well as defining management structure and tax procedures.