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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consulting a licensed attorney or CPA is recommended. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management structure, including financial and operational aspects. It identifies the members and their ownership percentages (membership interests) and details the management and tax responsibilities of the LLC. Unlike LLC Formation Documents, the Operating Agreement does not need to be filed with the State but should be kept with business records.