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The provided information is for educational purposes and does not constitute legal, tax, or financial advice; individuals should consult a licensed attorney or CPA for specific needs. This lesson is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLCs that outlines management procedures and member ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be submitted to the State and should be kept with business records. The agreement clarifies how the LLC operates and describes member rights and responsibilities.