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The provided 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 redistribution or modification requires written consent from the author. An Operating Agreement outlines the management structure of an LLC, including financial and operational guidelines. Unlike LLC Formation Documents, it does not need to be submitted to the state and is kept as an internal document. The Operating Agreement specifies the members, their ownership percentages (membership interests), and management and tax provisions for the LLC.