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The information provided is for educational purposes and does not serve as legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing member ownership percentages (membership interest) and management structure. Unlike LLC Formation Documents, it is an internal document and does not need to be submitted to the State, but should be maintained with business records. Its purpose is to clarify the roles and responsibilities of LLC members.
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