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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document that outlines the management and financial operations of an LLC. Unlike LLC Formation Documents, it is not submitted to the state but must be maintained with business records. The Agreement details the members of the LLC, their ownership percentage (membership interest), and the management structure and tax protocols of the LLC.