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This 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 copied or modified without permission. An Operating Agreement outlines the management of an LLC, detailing member identities and their ownership percentages, known as membership interests. Unlike LLC Formation Documents, the Operating Agreement is an internal document that doesn’t need to be submitted to the state but should be kept with business records. It clarifies management structure and operational guidelines for the LLC.