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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document that outlines the management and ownership of an LLC, specifying the members and their percentage of ownership (membership interest). Unlike LLC Formation Documents, which need to be filed with the State, the Operating Agreement remains with the business records and details how the LLC will be managed financially and operationally, including tax-related aspects.