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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 consent. An Operating Agreement outlines the management of an LLC, detailing member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it is an internal document and does not need to be submitted to the state, but should be kept with business records. The Agreement also specifies LLC management and tax handling procedures.