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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management of an LLC, detailing member identities and ownership percentages (membership interests), as well as management and tax procedures. Unlike LLC Formation Documents, the Operating Agreement is an internal document, not submitted to the state, and should be kept with business records.