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The information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, it is recommended to consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for Limited Liability Companies (LLCs) that outlines management and operational details. Unlike LLC Formation Documents, it does not need to be filed with the state. The agreement specifies the members of the LLC and their ownership percentages (membership interests), as well as management procedures. It serves to clarify the roles and responsibilities within the LLC.