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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is a key internal document for an LLC, outlining how the business is managed financially and operationally. It differs from LLC Formation Documents as it is not submitted to the State; instead, it is kept with business records. The Operating Agreement details the members of the LLC, their ownership percentages, and management procedures, as well as tax-related responsibilities.