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The information provided is for educational purposes only and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document outlining the management of an LLC, detailing members, their ownership percentages (membership interest), and management procedures. Unlike LLC Formation Documents, the Operating Agreement is internal and does not need to be filed with the state; it should be kept with business records. Its purpose is to clarify membership and management structure.