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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management of an LLC, detailing financial and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state, as it's an internal document. The agreement specifies the members, their ownership percentages (membership interest), and the management structure of the LLC.