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The provided information is for educational use only and does not serve as legal, tax, or financial advice. For specific guidance, it is advised to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a critical internal document for an LLC that outlines its management structure, including member ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be submitted to the state and should be kept with business records. The agreement clarifies the roles of members and the operational management of the LLC.