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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members, detailing management and ownership structure. It defines members, their ownership percentages (membership interest), and management processes. Unlike LLC Formation Documents, it doesn't need to be submitted to the State but should be kept with business records.