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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. This material is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the management and operational structure of an LLC, detailing member ownership percentages (membership interests). Unlike LLC Formation Documents, it is an internal document and does not need to be submitted to the state; it should be kept with business records. The Agreement also defines management processes for the LLC.