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This information serves educational purposes only and does not constitute legal, tax, or financial advice—consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document that outlines the management structure of an LLC, including member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be submitted to the state; instead, it should be kept with business records. The agreement also details the management process of the LLC.