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The provided information is intended for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document between LLC members that outlines management procedures and ownership percentages (membership interests). Unlike LLC Formation Documents, it is not submitted to the State but maintained internally with business records. The Operating Agreement details member roles, LLC management structure, and operational guidelines.