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This information is for educational purposes only and is not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State; it remains internal and should be kept with business records. Its purpose includes identifying members, detailing their ownership percentage (membership interest), and explaining the management structure and tax matters of the LLC.