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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is a document among LLC members outlining management and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the state and is kept internally with business records. The Operating Agreement specifies the members, their ownership percentages (membership interests), management structure, and tax responsibilities.