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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. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure and operations of an LLC between its members. Unlike LLC Formation Documents, it is an internal document that doesn’t need to be submitted to the state but should be retained with business records. The Agreement specifies member identities, their ownership percentages (membership interest), and the management framework for the LLC.