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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document between LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The agreement details the members' identities, their ownership percentages, and the management structure of the LLC, including tax-related provisions.