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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. This material is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but is an internal document that should be retained with business records. It defines management roles and operational procedures for the LLC.