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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. Consultation with a licensed attorney or CPA is recommended for specific needs. The content is under copyright, and redistribution, copying, or modification requires prior written consent from the author. An Operating Agreement outlines the management of an LLC, detailing the members' identities, their 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 retained with business records. It also clarifies how the LLC is managed and its tax treatment.