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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. It's recommended to consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, it doesn't need to be submitted to the state, as it is an internal document meant to be kept with business records. The Agreement specifies management structure and tax-related matters.