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The provided information is for educational purposes and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for LLCs, detailing member management and ownership percentages (membership interests). Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal record. The agreement specifies member roles, management procedures, and tax responsibilities within the LLC.