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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines the management and operational structure of the LLC. It details the members' identities and their ownership percentages, known as membership interest. While it doesn't need to be filed with the state like the LLC Formation Documents, it should be kept with business records. The Operating Agreement also defines the management and tax structure of the LLC.