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This information is for educational purposes and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be reproduced without permission. An Operating Agreement is a document outlining the management of an LLC, detailing the members, their ownership percentages, and management structure. Unlike LLC Formation Documents, it does not need to be submitted to the state and is kept as an internal document with business records. The Operating Agreement is essential for clarifying the relationships and operational procedures within the LLC, including tax matters.