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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for an LLC that outlines management and ownership details. Unlike LLC Formation Documents, it is not submitted to the state but should be retained with business records. The Operating Agreement specifies member identities, their ownership percentages (membership interest), and management procedures for the LLC.