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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the management structure of an LLC, detailing member ownership percentages and operational procedures. Unlike LLC Formation Documents, it is not submitted to the state and is kept internally with business records. The Agreement clarifies member roles and how the LLC is managed financially and operationally.