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This information is for educational purposes and not legal, tax, or financial advice; consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement outlines how an LLC is managed financially and operationally between its members. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The Operating Agreement specifies the members, their ownership percentages (membership interest), and the management structure of the LLC.