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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. It is recommended to consult a licensed attorney or CPA for specific advice. The content is copyright protected. An Operating Agreement serves as an internal document for LLC members, detailing management, financial operations, and member ownership percentages (membership interests). Unlike LLC Formation Documents, it is not required to be submitted to the state and should be kept with business records. The agreement outlines member roles, management structure, and tax responsibilities, ensuring clarity in the LLC’s operation.