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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be modified or redistributed without permission. An Operating Agreement is a key document for LLCs that outlines the management and operational guidelines of the business. Unlike LLC Formation Documents, it is not submitted to the state but is maintained as an internal document. This agreement details the members of the LLC and their ownership percentages, also known as membership interest, and defines the management structure of the LLC.