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This text serves as a disclaimer stating that the information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected, and redistribution or modification requires prior written consent. An Operating Agreement is defined as an internal document for LLC members that outlines management processes and financial arrangements. It specifies member identities and their ownership percentages, known as membership interests, as well as the management structure of the LLC. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records.