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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific advice, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the management of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the state; it is an internal document that should be retained with business records. Its primary purpose is to define the members and the operational and financial management of the LLC.