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The information provided 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 may not be redistributed without permission. An Operating Agreement is a document among the members of an LLC that outlines management procedures, both financially and operationally. Unlike LLC Formation Documents, it remains an internal document and does not need to be submitted to the state; it should be kept with business records. The Operating Agreement specifies the members and their ownership percentages and also defines the management and tax structure of the LLC.