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The information presented is for educational purposes and not legal, tax, or financial advice. For advice tailored to specific business needs, consulting a licensed attorney or CPA is recommended. This material is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management structure of an LLC, detailing the members, their ownership percentages (membership interest), and management procedures. Unlike LLC Formation Documents, it is not submitted to the State but kept as an internal record. The agreement serves to clarify member roles and operational guidelines for the LLC.