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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized guidance, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is an internal document for LLC members, detailing management and ownership structure. It specifies member identities and their ownership percentages, known as membership interests. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the state and should be kept with business records. It outlines management and tax responsibilities of the LLC.