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The information presented is for educational purposes only and does not serve as legal, tax, or financial advice. For tailored advice, individuals should consult a licensed attorney or CPA. The content is protected by copyright, and redistribution or modification requires prior written consent from the author. An Operating Agreement outlines the management of an LLC, detailing how it will be run both financially and operationally. Unlike LLC formation documents, it is not submitted to the state but maintained as an internal record. The Agreement specifies the members and their ownership percentages, known as membership interests, and defines the management and tax structure of the LLC.