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The information provided is for educational purposes only and is not legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management of an LLC, detailing member ownership percentages (membership interests) and management procedures. Unlike LLC Formation Documents, it is not submitted to the State but is an internal document that should be kept with business records. Its purpose includes defining members and their interests and specifying management structure and processes for the LLC.