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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 outlines the management of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, it is not submitted to the state but is kept as an internal document for business records. The agreement clarifies LLC management and tax-related processes.