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This information is for educational purposes only and should not be considered legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document between LLC members outlining financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State but should be retained with business records. The agreement details members, their ownership percentages (membership interest), management structure, and tax procedures.