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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and ownership structure, detailing member identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the State but should be retained with business records. It specifies management processes and tax responsibilities for the LLC.