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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, it's recommended to consult a licensed attorney or CPA. The content is copyright protected. An Operating Agreement for an LLC outlines the management and operational structure, detailing the members and their ownership percentages. Unlike LLC Formation Documents, it is not submitted to the state but kept internally as part of business records. The Operating Agreement also specifies management procedures and tax handling for the LLC.