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The information presented is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is a crucial internal document for an LLC, outlining the management and ownership structure. It specifies the members and their percentage ownership (membership interest) and details how the LLC will be managed and taxed. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the State but should be kept with business records.