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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is essential for LLCs, outlining management procedures and member ownership percentages (membership interests). Unlike LLC Formation Documents, it is an internal document that does not need to be filed with the state but should be kept with business records. The Operating Agreement details member roles, LLC management, and tax responsibilities.