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The provided information serves educational purposes only and does not offer legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document outlining how an LLC is managed financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the State but should be retained with business records. The Operating Agreement identifies the members of the LLC, their ownership percentages, and governance procedures.