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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, detailing management and operational protocols. Unlike LLC Formation Documents, it doesn’t need to be filed with the state. The agreement specifies the members of the LLC, their ownership percentages (membership interest), and outlines management procedures for the business.