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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; consulting with a licensed attorney or CPA is recommended. The content is copyright protected and may not be redistributed without consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. 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, their ownership percentages, and the management structure of the LLC.