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The provided information 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 copied or modified without permission. An Operating Agreement is a key document for an LLC, outlining its financial and operational management. Unlike LLC Formation Documents, it is not submitted to the State but is kept internally with business records. The Operating Agreement details member identities, their ownership percentages (membership interests), and the management structure of the LLC.