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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specifics regarding your business. The content is copyrighted and cannot be redistributed without permission. An Operating Agreement outlines the management of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal document. This agreement identifies the LLC members and their respective ownership percentages, defining management structure and processes.