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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is encouraged. The content is copyright protected and cannot be reused without permission. An Operating Agreement is a crucial internal document for an LLC, outlining management and operational procedures. It specifies the members of the LLC and their ownership percentage (membership interest), detailing management structures and tax responsibilities. Unlike LLC Formation Documents, it does not need to be filed with the state but should be maintained with the business records.