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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice related to your business, consult a licensed attorney or CPA in your state. The content is copyright protected and cannot be copied or modified without consent from the author. An Operating Agreement outlines the management structure of an LLC, detailing member ownership percentages (membership interest) and management procedures. Unlike LLC Formation Documents, the Operating Agreement is an internal document and does not need to be submitted to the State; instead, it should be kept with business records.