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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of the LLC, detailing financial and operational procedures. Unlike LLC Formation Documents, it doesn't need to be submitted to the State and is kept as an internal document. The agreement specifies the members of the LLC, their ownership percentages (membership interest), and management structure.