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The provided information serves 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 is an internal document for LLC members, detailing management and ownership structures. Unlike LLC Formation Documents, it doesn't need to be submitted to the state but should be kept with business records. The Agreement outlines the members, their ownership percentages (membership interests), and the management processes of the LLC.