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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a key internal document for LLC members, detailing how the LLC will be managed financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The agreement specifies the members and their ownership percentages, as well as the management structure of the LLC.