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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed or modified without consent. 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 but should be kept with business records. The agreement specifies the members, their ownership percentages (membership interest), and details on LLC management.