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The provided information serves educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without permission. An Operating Agreement outlines the management of an LLC, detailing its financial and operational structure. Unlike LLC Formation Documents, it does not need to be submitted to the State but should be kept with business records. The Agreement specifies the members of the LLC, their ownership percentages (membership interests), and the management and tax arrangements for the LLC.