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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. It is not required to be filed with the state. The agreement identifies the members and their ownership percentages (membership interests) and defines management structure and operational guidelines for the LLC.