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The information provided is for educational purposes and is not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines the management structure and operations of the LLC. It does not need to be filed with the state, but should be kept with business records. The Agreement specifies the members and their ownership percentages (membership interest) and defines management procedures within the LLC.