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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document that outlines the management of an LLC, detailing who the members are and their ownership percentages (membership interests). It is an internal document, not submitted to the State, and should be kept with business records. The agreement also defines the operational and financial management structure of the LLC.