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The provided information is for educational purposes and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management structure and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be filed with the State and should be kept in business records. The Operating Agreement clarifies member contributions, governance, and tax management for the LLC.