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The provided information is for educational purposes 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 for LLC members outlining management and ownership details. It specifies member identities and their membership interest percentages, as well as management structures and tax obligations. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the state but should be kept with business records.