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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. This content is copyrighted and cannot be redistributed or modified without permission. An Operating Agreement is an internal document that outlines the management of an LLC, detailing the members, their ownership percentages (membership interest), and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. Its primary purpose is to clarify ownership and management structure within the LLC.