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The information provided 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 is an internal document for LLC members, outlining management structure, financial operations, member identities, and ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be retained with business records. Its primary purpose is to clarify management and membership details of the LLC.