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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For such advice tailored to specific business needs, consulting a licensed attorney or CPA is recommended. This content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document that outlines the management structure of an LLC, detailing the members, their ownership percentages (membership interests), and management procedures. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records.