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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected, and redistribution without permission is prohibited. An Operating Agreement is an internal document for LLC members that outlines management, financial operations, and ownership percentages (membership interest). Unlike LLC Formation Documents, it is not filed with the state but should be kept with business records. The agreement delineates member roles and management structure within the LLC.