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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement is a document outlining the management structure of an LLC, detailing financial and operational procedures. Unlike LLC Formation Documents, it does not need to be filed with the state, as it is an internal document that should be kept with business records. The Operating Agreement specifies members, their ownership percentages, and outlines management and tax responsibilities.