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This information serves educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is protected by copyright and cannot be redistributed without consent. An Operating Agreement is a critical internal document for an LLC, outlining management and operational procedures. It details the members of the LLC, their ownership percentages (membership interest), and management structure. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the state but should be maintained with business records.