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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 copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for an LLC, outlining member management, ownership percentages (membership interest), and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. Its main purpose is to clarify member roles and management structure within the LLC.