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This information is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement outlines the management structure of an LLC, detailing financial and operational guidelines. Unlike LLC Formation Documents, it does not need to be filed with the State and is kept internally within business records. The agreement specifies the members, their ownership percentages (membership interests), management procedures, and tax responsibilities of the LLC.