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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. This content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document that outlines the management of an LLC, detailing member ownership percentages (membership interests) and operational procedures. Unlike LLC formation documents, it is not submitted to the state but kept internally with business records. Its primary purpose is to clarify member roles and management structure within the LLC.