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This information is for educational purposes and not legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be reproduced without consent. An Operating Agreement is a document that outlines the management and financial structure of an LLC, detailing the members' identities and their ownership percentages. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The Operating Agreement clarifies management procedures and operational protocols within the LLC.