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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The text discusses the Operating Agreement of an LLC, which outlines the management and operational procedures of the company. Unlike LLC Formation Documents, the Operating Agreement is not submitted to the State but is an internal document that should be kept with business records. Its purpose is to define the members of the LLC, their ownership percentages (membership interest), and the management structure of the LLC. No part of this lesson may be copied or redistributed without written consent from the author.