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The provided information is 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 may not be redistributed without consent. An Operating Agreement is an internal document for an LLC, detailing management and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the state. The agreement identifies the members and their ownership percentages (membership interests) and outlines management processes and tax handling for the LLC. Keep a copy of the Operating Agreement with your business records.