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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for an LLC that outlines management, ownership percentages (membership interests), and operational procedures. Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. Its purpose is to clarify member identities, ownership stakes, and management structures within the LLC.