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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the financial and operational management of an LLC, detailing the members' identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be submitted to the state but should be kept with business records. Its purpose is to clarify management structure and member responsibilities.