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The 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, outlining management structure and ownership percentages. Unlike LLC Formation Documents, it doesn't need to be filed with the state and should be kept with business records. The Agreement specifies member identities and their membership interests, as well as operational and financial management details of the LLC.