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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 content is copyright protected and cannot be redistributed or modified without written permission. An Operating Agreement outlines the management structure of an LLC, detailing financial and operational aspects. Unlike LLC Formation Documents, it doesn't need to be filed with the State and is considered an internal document. It defines the members of the LLC, their ownership percentages (membership interest), and management procedures, as well as tax-related matters. Keep a copy of the Operating Agreement with business records.