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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key document for LLC members, outlining the management structure and operational procedures of the LLC. Unlike LLC Formation Documents, it is not required to be filed with the State, but must be kept with business records. The agreement identifies the members and their ownership percentages (membership interest) and details the management and operation of the LLC.