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The provided information is for educational purposes and does not constitute legal, tax, or financial advice. For specific needs, it's recommended to 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 an LLC that outlines how it will be managed both financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the State and should be kept with business records. Its purpose is to identify the members and their ownership percentages and to define the management structure of the LLC.