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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document for LLC members that outlines the management structure, both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State; it is kept internally with business records. The agreement details member identities, their ownership percentages (membership interest), and the management procedures for the LLC.