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The information provided is for educational use only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a management document for an LLC, detailing financial and operational guidelines. Unlike LLC Formation Documents, it is not filed with the State but should be retained with business records. The Operating Agreement identifies the members, their ownership percentages (membership interests), and outlines management and tax processes for the LLC.