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The information presented is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. The content is copyright protected and may not be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members outlining management and financial operations. Unlike LLC Formation Documents, it does not need to be filed with the state. The Operating Agreement details member identities, ownership percentages (membership interests), and management structure of the LLC, along with tax-related guidelines.