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The provided information is for educational purposes only and should not be considered as legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management of an LLC between its members, detailing financial and operational procedures. Unlike LLC Formation Documents, it doesn't need to be submitted to the state and is kept internally with business records. The agreement specifies the members, their ownership percentages (membership interest), and the management structure of the LLC.