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The information presented is for educational purposes and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. It emphasizes that the content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key internal document for an LLC, detailing the management and operational framework. Unlike LLC Formation Documents, it does not need to be filed with the state but should be retained with business records. The Agreement identifies the members and their ownership percentages (membership interests), and describes the LLC's management structure and processes.