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This document provides educational information only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The information is copyright protected and may not be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it is not submitted to the State but should be kept with business records. The Operating Agreement details the LLC members, their ownership percentages (membership interests), and the management structure, including tax-related provisions.