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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. Consultation with a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without written consent from the author. An Operating Agreement is an internal document for LLC members that outlines management processes and financial operations. It differs from LLC Formation Documents, as it does not need to be filed with the state. The document details the members, their ownership percentages (membership interest), management structure, and tax responsibilities. Keep a copy with business records.