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This information is for educational purposes only and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is an internal document for LLC members, outlining management, ownership percentages (membership interest), and operational details. Unlike LLC Formation Documents, it doesn't need to be filed with the State. Its purpose is to clarify member identities, ownership stakes, and management structure of the LLC, as well as tax-related considerations. Keep it with your business records.