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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 guidance. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement outlines the management structure of an LLC, detailing the members, their ownership percentages (membership interests), and operational management. It is an internal document, unlike LLC Formation Documents, and does not need to be filed with the state. It serves to clarify member roles and financial management within the LLC.