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This information is educational and not legal, tax, or financial advice; for specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a crucial internal document for an LLC, outlining the management structure and responsibilities of its members. It details who the members are, their ownership percentages (membership interest), and how the LLC will be managed financially and operationally. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the State but should be kept with business records.