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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and ownership percentages (membership interest). Unlike LLC Formation Documents, it isn’t submitted to the state but should be kept with business records. The Agreement details member identities, ownership stakes, and operational management of the LLC.