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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 or modified without consent. An Operating Agreement is a document that outlines the management structure of an LLC, detailing member ownership percentages, also known as membership interests. Unlike LLC Formation Documents, it is not submitted to the state and is kept as an internal record. The Operating Agreement clarifies management procedures and tax implications for the LLC.