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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. It is advised to consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement outlines the management structure of an LLC, detailing members' identities and ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is internal and does not need to be submitted to the state; it should be kept with business records. The agreement also clarifies how the LLC is managed and discusses tax-related matters.