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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 or modified without permission. An Operating Agreement is a document for LLC members outlining the management structure, financial and operational procedures of the LLC. Unlike LLC Formation Documents, it is not submitted to the State but is an internal document to be retained with business records. It details member identities, their ownership percentages (membership interests), and management and tax protocols for the LLC.