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The information provided is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management structure of an LLC, detailing member identities, their ownership percentages (membership interests), and management procedures. Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state but must be maintained with business records.