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The information provided is for educational purposes only and is not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages, known as membership interest. Unlike LLC Formation Documents, it does not need to be submitted to the state but should be retained with business records. The Operating Agreement specifies how the LLC operates financially and operationally.