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The provided information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, it's recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without permission. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the State. This agreement details member identities, ownership percentages (membership interest), and management structures, as well as tax-related provisions. Keep a copy with business records.