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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored 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 detailing financial and operational management. Unlike LLC Formation Documents, it does not need to be submitted to the state; it should be kept with business records. The Agreement specifies the members, their ownership percentages, and outlines the management structure of the LLC.