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The information provided is for educational purposes only and is not legal, tax, or financial advice. For specific business needs, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, it is not submitted to the State but kept internally with business records. The Agreement defines the management structure and operational processes of the LLC.