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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to your business, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without permission. An Operating Agreement is a key internal document for an LLC, outlining its financial and operational management. It specifies the members of the LLC, their ownership percentages (membership interests), and managerial structure. Unlike LLC Formation Documents, it does not need to be filed with the state but should be retained with business records.