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This information serves for educational purposes only and does not constitute legal, tax, or financial advice. For specific counsel, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members, detailing management and ownership percentages (membership interests). Unlike LLC Formation Documents, it is not submitted to the state but must be retained with business records. The Agreement outlines member roles, management structures, and tax obligations of the LLC.