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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines how an LLC will be managed, detailing member identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state but should be kept with business records. It specifies management structure and tax-related provisions.