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The provided information is for educational purposes only and does not constitute 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 written consent. An Operating Agreement is an internal document for an LLC that outlines management and ownership details. It identifies the LLC members and their ownership percentages (membership interest) and specifies the LLC's management structure. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be retained with business records.