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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without prior consent. An Operating Agreement is a key document for LLCs, outlining management and operational details. Unlike LLC Formation Documents, it isn't submitted to the state but kept internally. The Operating Agreement identifies the LLC members, their ownership percentages (membership interest), and establishes the management structure and tax procedures for the LLC.