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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed professional is recommended. The material is copyright protected and cannot be reused without permission. An Operating Agreement is an internal document for LLC members, detailing management and operational procedures. It is not required to be filed with the state and should be kept with business records. The agreement outlines the members of the LLC, their ownership percentages (membership interests), and the management structure of the LLC.