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The information provided 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 written consent from the author. An Operating Agreement outlines the management structure of an LLC, detailing member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is an internal document and does not need to be submitted to the state. It serves to clarify how the LLC is managed and addresses tax responsibilities. Keep a copy with your business records.