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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; it's recommended to consult a licensed attorney or CPA for specific advice. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is an internal document for an LLC that outlines management structure, financial operations, and member ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The agreement details the management processes and roles within the LLC.