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The information provided is for educational purposes and should not be considered legal, tax, or financial advice. For tailored guidance, consult a licensed attorney or CPA. This content is copyright protected and cannot be shared or modified without permission. An Operating Agreement outlines the management structure of an LLC, including financial and operational aspects. Unlike LLC Formation Documents, it doesn't require submission to the State and serves as an internal record. The agreement specifies the members of the LLC, their ownership percentages (membership interests), and management procedures, along with tax implications. Keep it with your business records.