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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. It is recommended to consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document between LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State and should be kept with business records. The agreement specifies the members and their ownership percentages, as well as the management structure of the LLC.