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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific needs. The content is copyright protected and may not be redistributed without consent. An Operating Agreement is a document for LLC members that outlines 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 specifies the members and their ownership percentages, also known as membership interests, and defines how the LLC is managed and taxed.