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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of the LLC, detailing member identities and ownership percentages (membership interests). It is an internal document, not required for submission to the state, and should be retained with business records. Additionally, it defines how the LLC operates and manages tax obligations.