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The provided information is for educational purposes and is not legal, tax, or financial advice; professionals should be consulted for specific needs. The content is copyrighted and cannot be redistributed without consent. An Operating Agreement is an internal document between LLC members detailing management and ownership structure. It specifies member identities and their ownership percentages, known as membership interests. The agreement outlines the LLC's management procedures and tax treatment. Unlike LLC Formation Documents, it does not need to be filed with the State but should be retained with business records.