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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. Consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be reproduced without written consent. An Operating Agreement is a crucial internal document for an LLC, outlining the management structure and financial operations. It specifies the members of the LLC and their ownership percentages, known as membership interests. Unlike LLC Formation Documents, it does not need to be filed with the state but should be retained with business records.