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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document for LLC members, outlining management and operational procedures, including member identities and ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. Its purpose is to clarify management and tax matters related to the LLC.