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The information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected; redistribution, copying, or modification requires written consent from the author. An Operating Agreement is an internal document detailing the management of an LLC, including members' identities and their ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be filed with the state and should be retained with business records. The agreement also outlines how the LLC is managed and the taxation process.