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This information is for educational purposes only and does not serve as legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The Agreement details the members, their ownership percentages (membership interest), and the management structure of the LLC, including provisions on taxation.