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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. It is emphasized that the content is copyright protected and may not be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be submitted to the state, as it serves as an internal document to be kept with business records. The agreement defines the operational and financial management of the LLC.