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The provided information is for educational purposes only and not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines how an LLC will be managed, both financially and operationally, and is an internal document that doesn't need to be submitted to the State. It serves to identify the members, their ownership percentages (membership interests), and management procedures of the LLC.