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The content provided is for educational purposes only, not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The information is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it is an internal document and does not need to be submitted to the state. It serves to clarify management structure and tax handling of the LLC.