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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For such advice, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the financial and operational management of an LLC, detailing member identities and ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state; it should be kept with business records. It serves to clarify the management structure of the LLC.