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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; it is recommended to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines financial and operational management, differentiating it from LLC Formation Documents, which need to be submitted to the state. It details member identities, ownership percentages (membership interest), and management procedures for the LLC.