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This information 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 and cannot be redistributed or modified without consent. An Operating Agreement is a document that outlines the management structure of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it is not filed with the State and remains an internal document. It specifies the members of the LLC, their ownership percentages (membership interest), and the management framework, including tax handling.