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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document for LLC members outlining management practices, financial responsibilities, and member ownership percentages (membership interests). It differs from LLC Formation Documents as it is not submitted to the State; instead, it is an internal document that should be kept with business records. The Agreement clarifies member roles and management structures within the LLC.