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The information provided 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 cannot be redistributed or modified without consent. An Operating Agreement is a key document for LLC members, outlining management and operations. Unlike LLC Formation Documents, it does not need to be filed with the state and is kept as an internal record. The agreement details the members' identities, their ownership percentages, and the management structure of the LLC.