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