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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 copyrighted and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing the members and their ownership percentages, and how the LLC operates financially and operationally. Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the State but must be kept with business records. Its primary purpose is to clarify membership and management procedures for the LLC.