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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 copyrighted and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management processes, ownership percentages (membership interest), and operational guidelines. Unlike LLC Formation Documents, it does not need to be filed with the state, but should be kept with business records. Its primary purpose is to clarify member roles and LLC management structure.