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The information provided 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 that outlines financial and operational management, distinguishing it from LLC Formation Documents, which must be filed with the state. It identifies the members and their ownership percentages, known as membership interests, and specifies how the LLC is managed. This document should be kept with business records, and all content is copyright protected, requiring written consent for redistribution or modification.