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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 redistributed without permission. An Operating Agreement outlines management protocols for an LLC, detailing member identities and their ownership percentages (membership interest). Unlike LLC Formation Documents, it is not submitted to the state but is an internal document kept with business records. The agreement clarifies management procedures and tax implications for the LLC.