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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement outlines the management of an LLC both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State and is an internal document kept with business records. The Agreement details the members, their ownership percentages (membership interests), and the management structure of the LLC, as well as tax-related matters.