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This information 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 or modified without permission. An Operating Agreement outlines the management structure of an LLC, detailing its members and their ownership percentages (membership interests). It is an internal document, meaning it does not need to be filed with the state but should be kept with business records. The Agreement also specifies management procedures and tax handling for the LLC.