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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. This content is copyright protected and cannot be copied or modified without permission. An Operating Agreement is an internal document for LLC members, outlining management and ownership percentages (membership interests). Unlike LLC Formation Documents, it doesn't need to be submitted to the State but should be kept with business records. The agreement clarifies member roles and management structure within the LLC.