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The information provided is for educational purposes and is not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent from the author. An Operating Agreement is an internal document for an LLC that outlines the management structure and ownership percentages (membership interests) of its members. Unlike LLC Formation Documents, it does not need to be filed with the State and should be retained with business records. The agreement also details how the LLC is managed and other operational aspects.