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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 needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a vital internal document for LLCs, outlining management structure and ownership percentages among members (membership interests). Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The agreement also details operational management and financial responsibilities within the LLC.