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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, individuals should consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines the management structure of an LLC and is an internal document that does not need to be filed with the state. It specifies the members of the LLC and their ownership percentages (membership interest), as well as details how the LLC is operated and taxed. A copy should be retained with business records.