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The provided information 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. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and operational details. Unlike LLC Formation Documents, it doesn't need to be submitted to the State. The Agreement specifies the members and their ownership percentages, known as membership interests, and details the management structure of the LLC.