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This information is for 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 permission. An Operating Agreement outlines the management structure of an LLC both financially and operationally. Unlike LLC Formation Documents, it does not need to be submitted to the State and is kept as an internal document. The Operating Agreement specifies member identities, their ownership percentages (membership interests), and management procedures for the LLC.