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This document is for educational purposes only and does not provide legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management of an LLC, detailing member identities and ownership percentages (membership interest). It is an internal document and does not need to be filed with the state, but should be maintained with business records. The agreement specifies how the LLC operates and is governed.