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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management and operational structure of an LLC, detailing the members, their ownership percentages (membership interests), and the management framework. Unlike LLC Formation Documents, it is not submitted to the state but kept as an internal document with business records. The Operating Agreement is essential for clarifying roles, responsibilities, and the management of the LLC’s finances and operations.