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This information is for educational purposes only and doesn't constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is an internal document among 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 Operating Agreement specifies member identities, their ownership percentages (membership interest), and how management and tax responsibilities are handled within the LLC.