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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The material is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members outlining financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The Agreement details the members, their ownership percentages (membership interests), and management procedures for the LLC.