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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. This content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines the management and operational procedures of the LLC. Unlike LLC Formation Documents, it does not need to be filed with the State and should be kept with business records. The agreement details member ownership percentages and management structure, as well as tax handling for the LLC.