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The information presented is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. This content is copyright protected and cannot be redistributed or modified without written consent from the author. An Operating Agreement outlines the management and operational structure of an LLC. Unlike LLC Formation Documents, it does not need to be submitted to the state and is kept internally with business records. This agreement specifies the members of the LLC, their ownership percentages, and details on how the LLC operates and is taxed.