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This content is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored guidance, consult a licensed attorney or CPA. The information is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a key internal document for LLCs that outlines management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the state but should be kept with business records. The Agreement details the members, their ownership percentages, and the management structure of the LLC, as well as tax responsibilities.