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This information is for educational purposes only and does not constitute legal, tax, or financial advice. Consultation with 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 structure of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is an internal document and does not need to be filed with the State; it should be kept with business records. Its purpose is to clarify the management and operational procedures of the LLC.