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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without author consent. An Operating Agreement is an internal document between LLC members that outlines management, financial operations, member identities, and ownership percentages (membership interests). Unlike LLC Formation Documents, it doesn't need to be submitted to the State but should be kept with business records. Its main purpose is to clarify management structure and member roles within the LLC.