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This material is for educational purposes only and is not legal, tax, or financial advice; consult a licensed professional for specific needs. The information is copyrighted and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it doesn't need to be submitted to the state. The Operating Agreement identifies the members and their ownership percentages, detailing management structure and tax obligations. It is essential to keep this document with your business records.