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This document serves for educational purposes only and does not provide legal, tax, or financial advice. For specific guidance, it’s advisable to consult a licensed attorney or CPA. The information is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC that outlines the management structure and operational procedures, including member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state but must be kept with business records. Its purpose is to clarify management roles and tax responsibilities within the LLC.