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This text provides information intended for educational purposes only and does not serve as legal, tax, or financial advice. For specific needs, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for an LLC that outlines its management both financially and operationally. Unlike LLC Formation Documents, it is not submitted to the state but is kept internally. The agreement details the members, their ownership percentages (membership interests), and management structure of the LLC.