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This information 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 an LLC, detailing members, their ownership percentages (membership interest), and operational management. Unlike LLC Formation Documents, it is not submitted to the State but is an internal document that should be kept with business records. It clarifies the LLC’s governance, financial structure, and tax considerations.