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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected. An Operating Agreement is a document for LLC members outlining the management structure and financial operations of the LLC. Unlike LLC Formation Documents, it is not required to be submitted to the State and is considered an internal document, kept with business records. The Operating Agreement details the members, their ownership percentages (membership interests), and how the LLC is managed, including tax matters.