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This text serves for educational purposes and does not constitute legal, tax, or financial advice. It encourages consulting a licensed attorney or CPA for specific advice related to business needs. The content is copyrighted and cannot be redistributed without permission. An Operating Agreement is a crucial internal document for LLCs that outlines management and ownership structure. It identifies the members of the LLC and their respective ownership percentages (membership interest). Additionally, it specifies how the LLC will be managed and addresses financial operational aspects, distinguishing it from the LLC Formation Documents, which need to be filed with the state.