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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The Operating Agreement is a key document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it is not submitted to the state but is kept as an internal record. The Agreement details the members of the LLC and their respective ownership percentages, known as membership interest, and specifies management structure and procedures. Redistribution, copying, or modification of this lesson is prohibited without prior written consent from the author.