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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC that outlines management structure and operational procedures, detailing member identities and their ownership percentages, referred to as membership interests. Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records.