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The information provided is for educational purposes and does not constitute legal, tax, or financial advice; consulting a licensed professional is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure, financial operations, and member ownership percentages of an LLC. Unlike LLC Formation Documents, it is not submitted to the state but is maintained internally with business records. The agreement clarifies member identities and their respective membership interests, as well as the management processes of the LLC.