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The provided 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 copied or redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the state but is an internal document to be kept with business records. It identifies the members and their ownership percentages, and defines the management processes of the LLC.