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This information is for educational purposes only and does not represent legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document among LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the state and is for internal use only, to be kept with business records. The agreement details the members' identities, their ownership percentages (membership interests), and management and taxation processes for the LLC.