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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management, ownership percentages, and operational procedures. Unlike Formation Documents, it does not need to be filed with the State but should be kept with business records. Its purpose is to clarify member identities, their membership interest, and management structure of the LLC.