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The information provided is for educational purposes and does not serve as legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected; redistribution or modification is prohibited without written consent from the author. An Operating Agreement is a key internal document for an LLC that outlines financial and operational management. It does not need to be filed with the state but should be retained with business records. The agreement identifies the members of the LLC, their ownership percentages (membership interest), and lays out management procedures.