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The provided information is for educational purposes and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC by detailing the members, their ownership percentage (membership interest), and the operational structure. Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not require submission to the State, but should be kept with business records. Its purpose is to clarify the roles of members and the management processes within the LLC.