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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 or modified without consent. An Operating Agreement outlines the management structure of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not submitted to the State but is maintained internally. The Agreement specifies the members of the LLC, their ownership percentages (membership interest), management procedures, and tax handling.