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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to your business, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed or modified without consent. An Operating Agreement is a key internal document for an LLC, outlining member roles, ownership percentages (membership interest), and management processes. Unlike LLC Formation Documents, it does not need to be filed with the state but should be retained with business records. The agreement clarifies operational and financial management aspects of the LLC.