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The information presented is for educational purposes and does not serve as legal, tax, or financial advice; individuals should consult licensed professionals for specific guidance. The content is copyright protected and may not be redistributed without permission. An Operating Agreement is an internal document for LLC members that outlines financial and operational management, including member identities and ownership percentages. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The Agreement clarifies management structure and tax responsibilities.