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The information provided 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 copyrighted and cannot be redistributed or modified without permission. An Operating Agreement outlines the management of an LLC by detailing the members, their ownership percentages, and the operational structure. Unlike LLC Formation Documents, the Operating Agreement is not required to be submitted to the State and is an internal document that should be kept with business records. Its purpose is to define member ownership and management protocols for the LLC.