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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 written consent. An Operating Agreement is a document among LLC members outlining the management and operational structure of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the State and is kept internally with business records. The Agreement specifies member identities, their ownership percentages, and management protocols for the LLC.