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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 consent. An Operating Agreement outlines the management of an LLC, detailing internal operations and financial aspects. Unlike LLC Formation Documents, it does not need to be submitted to the state, but should be retained with business records. The agreement specifies member identities, their ownership percentages (membership interests), and management procedures for the LLC.