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The provided information is intended for educational purposes only and does not constitute legal, tax, or financial advice. For tailored guidance, consult a licensed attorney or CPA. This content is copyright protected and cannot be redistributed or modified without written consent from the author. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, it is an internal document not required to be submitted to the State but should be kept with business records. Its purpose is to clarify management procedures and member responsibilities within the LLC.