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The information presented is for educational purposes and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management structure of an LLC and is distinct from Formation Documents, as it is not submitted to the State but maintained internally. This agreement details the members of the LLC, their ownership percentages (membership interest), and the management and tax processes of the LLC.