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The information is for educational purposes only and not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is a document among LLC members outlining financial and operational management. Unlike LLC Formation Documents, it is not submitted to the state and should be retained with business records. The agreement identifies the members, their ownership percentages (membership interests), and details on LLC management and taxation.