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The information provided is for educational purposes only and does not constitute 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 a key document for LLCs that outlines management and financial operations. Unlike LLC Formation Documents, it is not filed with the state but kept as an internal document. The Operating Agreement details the members of the LLC, their ownership percentages, and management structure, along with tax management guidelines.