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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 consent. An Operating Agreement is an internal document for LLC members that outlines management and financial operations. Unlike LLC Formation Documents, it does not need to be filed with the state. The agreement specifies membership details, ownership percentages (membership interest), management structure, and tax procedures. It should be kept with business records for reference.