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This information is for educational purposes only and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document for LLC members outlining management structure, financial operations, and ownership percentages (membership interests). Unlike LLC Formation Documents, it is not submitted to the State and is intended for internal use only. It serves to clarify member roles, management procedures, and tax responsibilities for the LLC.