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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; professional consultation is recommended for specific needs. The content is copyright protected, and redistribution without consent is prohibited. An Operating Agreement outlines the management structure of an LLC, detailing members' identities and their ownership percentages, known as membership interest. Unlike LLC Formation Documents, it is an internal document that does not need to be submitted to the State, but should be retained with business records. The Operating Agreement is crucial for defining operational and financial management within the LLC.