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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For tailored advice, consult a licensed attorney or CPA in your state. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a crucial internal document for an LLC, detailing its financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The agreement identifies LLC members, their ownership percentages (membership interests), and outlines the management structure of the LLC.