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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 without consent. An Operating Agreement is a document among LLC members outlining financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State and is kept internally with business records. The agreement details member identities, ownership percentages (membership interests), and management structure, including tax guidelines for the LLC.