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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to business needs, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without the author's consent. An Operating Agreement outlines the management and operational structure of an LLC, detailing member identities and ownership percentages (membership interest). Unlike LLC Formation Documents, it remains an internal document and should be kept with business records rather than submitted to the state. Its primary purpose is to clarify LLC management and member ownership.