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This information is for educational purposes only and does not offer legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing the members and their ownership percentages (membership interest). Unlike LLC Formation Documents, the Operating Agreement is not filed with the State but kept as an internal document with business records. Its purpose is to establish how the LLC is governed and how taxes will be handled.