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The information provided is for educational purposes only and is not legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is an internal document that does not need to be submitted to the State, but should be kept with business records. The Operating Agreement specifies the members of the LLC, their ownership percentages (membership interests), and management procedures and tax obligations.