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This information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific inquiries, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interest). It specifies operational and financial management guidelines. Unlike LLC Formation Documents, it is an internal document, meaning it does not need to be submitted to the State but should be kept with business records.