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The provided information serves educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is an internal document and does not need to be submitted to the state. The agreement specifies the members of the LLC, their ownership percentages (membership interest), and management procedures. It is essential for defining the LLC's governance.