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This information is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consulting a licensed attorney or CPA is recommended. The content is copyright-protected, and redistribution without consent is prohibited. An Operating Agreement is crucial for LLC members, outlining management structure and member ownership percentages (membership interests). Unlike LLC Formation Documents, the Operating Agreement is an internal document that does not need to be filed with the state; it should be retained with business records. Its primary purpose is to clarify member roles and the operational management of the LLC.