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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice tailored to your business needs, consult a licensed attorney or CPA. The content is copyright protected and may not be redistributed without written consent from the author. An Operating Agreement outlines how an LLC is managed financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the State but should be kept with business records. The agreement identifies LLC members, their ownership percentage (membership interest), and management procedures, including tax matters.