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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney and/or CPA. The content is copyright protected and may not be copied or modified without permission. An Operating Agreement is an internal document for an LLC that outlines management structure and operations. It specifies member identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but should be retained with business records. Its purpose is to clarify management and tax-related matters.