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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. Consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document that outlines the management structure of an LLC, detailing the members and their ownership percentages. It is not required to be filed with the state and serves as an internal document that should be kept with business records. The agreement clarifies management procedures and member roles within the LLC.