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The information provided is for educational purposes and does not constitute legal, tax, or financial advice; it's recommended to consult a licensed attorney or CPA for specific needs. The text emphasizes that the content is copyrighted and cannot be redistributed without permission. An Operating Agreement is a document that outlines the financial and operational management of an LLC among its members. Unlike LLC Formation Documents, it is internal and does not need to be submitted to the State. The agreement specifies member identity, ownership percentages (membership interest), and management procedures for the LLC.