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This information is for educational purposes only, not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing member identities and their ownership percentages (membership interest). 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 also specifies management procedures and tax implications for the LLC.