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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the state but is kept as an internal document with business records. The agreement specifies the members of the LLC, their ownership percentages (membership interest), and clarifies how the LLC will be managed and operated.
