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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement details the management of an LLC, covering both financial and operational aspects. Unlike LLC Formation Documents, it does not need to be filed with the State and serves as an internal document to be kept with business records. It outlines member identities, their ownership percentages (membership interest), and management structure of the LLC.