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The following 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 or modified without permission. An Operating Agreement is a key document for an LLC, outlining its management structure and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state and is maintained internally. The Operating Agreement details the members of the LLC, their ownership percentages, and the management and tax handling processes for the business.