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The information provided 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 consent. An Operating Agreement is a crucial document for an LLC that outlines the management structure and financial operations of the entity. Unlike LLC Formation Documents, it is not submitted to the State but is kept internally with business records. The Agreement details the members, their ownership percentages, and the management and tax-related processes of the LLC.