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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; individuals should consult a licensed attorney or CPA for advice tailored to their needs. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document among LLC members detailing management practices and ownership percentages, also known as membership interests. Unlike LLC Formation Documents, it does not need to be filed with the state and is kept internally with business records. The agreement outlines the management structure and tax responsibilities of the LLC.