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This information 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 outlines the management of an LLC, detailing the members' identities and their ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be filed with the state but must be maintained internally with business records. The agreement also describes management protocols and tax handling for the LLC.