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This information is for educational purposes only and is not legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines the management and financial structure of the LLC. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The Agreement details member identities, ownership percentages (membership interest), and management protocols within the LLC.