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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be shared without permission. An Operating Agreement is an internal document for LLC members outlining financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The Operating Agreement details the members' identities, their ownership percentages, and establishes management and tax guidelines for the LLC.