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This information is intended for educational purposes only and does not serve as legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without written consent. An Operating Agreement is a document for LLC members detailing financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State and is maintained internally. The agreement outlines member identities, their ownership percentages (membership interests), and the management structure of the LLC, including tax procedures.