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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 Operating Agreement is an internal document for LLC members, detailing management and ownership percentages. Unlike LLC Formation Documents, it does not need to be filed with the state and should be kept with business records. It outlines membership interests and management structure, along with tax implications. Redistribution, copying, or modification of this lesson is prohibited without prior written consent from the author.