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The information presented is for educational purposes and not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. It is copyright protected and cannot be redistributed without permission. An Operating Agreement details how an LLC will be managed financially and operationally, differing from LLC Formation Documents, which must be submitted to the State. This internal document should be retained with business records and outlines the members of the LLC, their ownership percentages (membership interest), and the management structure of the LLC.