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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA in your state is recommended. The content is copyrighted and cannot be redistributed or modified without permission. An Operating Agreement is a document that outlines the management structure of an LLC, detailing the members and their ownership percentages. Unlike LLC Formation Documents, it is not submitted to the State but retained internally. The agreement defines membership interests, management procedures, and tax handling for the LLC.