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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 without consent. An Operating Agreement is an internal document for LLC members that outlines management structure and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state but should be retained with business records. The agreement clarifies member roles, management processes, and tax arrangements within the LLC.