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The information provided is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the state. The Operating Agreement details the members, their ownership percentages (membership interest), and the management structure of the LLC.