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The information provided is for educational purposes only and does not constitute 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 an LLC that outlines management and operational procedures. It is not filed with the State but should be kept with business records. The agreement specifies the members of the LLC, their ownership percentage (membership interest), and management structure. Its purpose is to clearly define roles and responsibilities within the LLC.