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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines financial and operational management. It differs from LLC Formation Documents as it does not need to be filed with the State. The Operating Agreement identifies members, their ownership percentages (membership interest), and management procedures, including tax responsibilities. Keep a copy with your business records.