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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC and is an internal document that does not need to be filed with the state. It specifies the members of the LLC, their ownership percentages, and management processes. The agreement serves to clarify operational and financial management, helping ensure all members understand their roles and responsibilities within the LLC.