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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is a document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it is not submitted to the State and is kept as an internal record. The Agreement specifies the members and their ownership percentages (membership interest) and details the management structure and tax procedures of the LLC.