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The information provided is for educational purposes 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 that outlines financial and operational management of the LLC. Unlike LLC Formation Documents, it does not need to be filed with the state. The Operating Agreement details member identities, their ownership percentages (membership interest), and the management structure of the LLC.