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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 needs. This content is copyright protected and cannot be redistributed without consent from the author. An Operating Agreement is a document for LLC members, detailing management and financial structure. Unlike LLC Formation Documents, it is not filed with the State but kept internally with business records. The Operating Agreement outlines member identities, their ownership percentages (membership interests), management processes, and tax responsibilities.