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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing how it operates financially and operationally. Unlike LLC Formation Documents, it is not submitted to the State but is retained internally with business records. The agreement identifies the members of the LLC, their ownership percentages (membership interests), and the management structure, as well as tax-related provisions.