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This information is for educational purposes only and does not constitute legal, tax, or financial advice; individuals should consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining management and operational procedures. Unlike LLC Formation Documents, it doesn’t need to be filed with the State. The Agreement details member identities, ownership percentages (membership interest), management structure, and tax responsibilities within the LLC. It should be retained with business records.