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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; redistribution or modification requires written consent. An Operating Agreement is an internal document for LLC members that outlines the financial and operational management of the LLC. It does not need to be filed with the State, but a copy should be kept with business records. The agreement specifies member identities, ownership percentages (membership interests), and management and tax procedures for the LLC.