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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a key document for an LLC, outlining management and ownership details. It specifies member identities and their ownership percentages, known as membership interests. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but is kept as an internal document with business records. Its purpose is to clarify LLC management and operations.