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The information shared is for educational purposes and does not serve as legal, tax, or financial advice. For specific guidance, 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 an internal document for an LLC, outlining its management and operational structure. It details the members of the LLC and their ownership percentages (membership interest), as well as management and tax protocols. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the state; it should be kept with business records.