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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 content is copyright protected and cannot be redistributed or modified without consent from the author. An Operating Agreement outlines the management of an LLC, covering financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the State and serves as an internal document. The Agreement identifies the members and their ownership percentages (membership interest) and details the management structure of the LLC.