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The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, individuals should consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines the management structure, including the ownership percentage of each member (membership interest). Unlike LLC Formation Documents, it does not need to be filed with the state, and should be kept with business records. The Operating Agreement clarifies management procedures and tax responsibilities.