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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. This lesson's content is copyright protected and cannot be copied or modified without consent. An Operating Agreement is a key internal document for an LLC, detailing management procedures and ownership stakes. It outlines the members, their percentage of ownership, and the management structure, but does not need to be filed with the state, unlike LLC Formation Documents. Instead, it should be kept with business records.