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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management and operational procedures of an LLC, detailing member ownership percentages and management structure. Unlike LLC Formation Documents, it is an internal document that does not need to be submitted to the State but should be kept with business records. The Agreement also specifies tax management and responsibilities among members.