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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. This content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for an LLC that outlines its financial and operational management. It details the members of the LLC and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement does not need to be submitted to the State but should be retained with business records. Its main purpose is to clarify management and ownership structure.