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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. Individuals should consult a licensed attorney or CPA for specific advice. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is essential for LLCs, outlining management and operational procedures. Unlike LLC Formation Documents, it is an internal document that does not need to be filed with the state. The agreement specifies the members, their ownership percentages (membership interest), and the management structure of the LLC, including tax considerations. Keep a copy with business records.