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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The Operating Agreement is a key internal document for an LLC, detailing its financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The agreement outlines the members of the LLC, their ownership percentages (membership interest), and management procedures, as well as tax implications related to the LLC's operations. Redistribution or modification of this content requires prior written consent from the author.