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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. It's recommended to consult a licensed attorney or CPA for specific advice. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management, financial operations, and ownership percentages (membership interest). Unlike LLC Formation Documents, it is not submitted to the state but should be kept with business records. The Operating Agreement defines the LLC's management structure and tax responsibilities.