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The information provided 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 consent. An Operating Agreement is a crucial internal document for an LLC, detailing its financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the state and should be kept with business records. The Agreement outlines the members, their ownership percentages (membership interests), and procedures for managing the LLC.