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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement is an internal document for LLC members detailing the management of the LLC, outlining member identities and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. Its purpose is to clarify management processes and member ownership within the LLC.