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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the State but is kept as an internal record. The Operating Agreement identifies the members, their ownership percentages, and the management structure of the LLC, along with tax responsibilities.