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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; for specific guidance, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed or modified without permission. An Operating Agreement is an internal document for LLC members, detailing management structure and ownership percentages (membership interest). Unlike LLC Formation Documents, it doesn't need to be filed with the State but should be kept with business records. The agreement clarifies member roles, management of the LLC, and financial arrangements, including tax considerations.