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This information is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for an LLC that outlines its management structure and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The agreement specifies the members of the LLC and their ownership percentages, as well as management protocols and tax arrangements for the business.