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This information is for educational purposes only and does not constitute legal, tax, or financial advice. It is recommended to consult a licensed attorney or CPA for advice specific to your business. The content is copyrighted and cannot be reproduced without consent. An Operating Agreement outlines the management structure of an LLC, including financial and operational aspects. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The agreement specifies the members of the LLC, their ownership percentages (membership interests), management procedures, and tax implications.