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This 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 is recommended. This content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining 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 member identities, their ownership percentages, and the management structure of the LLC, as well as tax responsibilities and distributions.