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This information is for educational purposes only and not legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. It is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial document for LLCs that outlines financial and operational management. Unlike LLC Formation Documents, it is an internal document not submitted to the State. This agreement identifies the members and their ownership percentages (membership interest) and specifies the management structure and operational procedures of the LLC.