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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consultation with a licensed attorney or CPA is recommended. The content is copyright protected and may not be redistributed or modified without written consent. An Operating Agreement is a document for LLC members that outlines management of the LLC both financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the State and is kept internal. The Operating Agreement details the members, their ownership percentages (membership interests), and governance and taxation structures of the LLC.