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The information provided is for educational purposes and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is protected by copyright and cannot be redistributed or modified without consent. An Operating Agreement outlines the management structure of an LLC, detailing member identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state but is maintained internally as part of business records. It clarifies management procedures and operations of the LLC.