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This document provides educational information and does not constitute legal, tax, or financial advice. For tailored guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement outlines the management of an LLC, detailing member identities and their ownership percentages (membership interests). It is an internal document—not required to be filed with the state—and should be kept with business records. The agreement specifies management structure, operational procedures, and tax-related aspects of the LLC.