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The provided information serves educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent from the author. An Operating Agreement is an internal document for LLC members that outlines the management and operational structure of the LLC, differing from the LLC Formation Documents which must be submitted to the state. This agreement specifies the members, their ownership percentages (membership interests), and management procedures for the LLC.