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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members outlining the management structure, including ownership percentages (membership interest) and operational management procedures. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records.