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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement outlines the management of an LLC, detailing member identities and ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is an internal document that doesn't require submission to the State; it should be retained with business records. Its purpose is to clarify management structure and operational procedures within the LLC.