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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 reproduced without consent. An Operating Agreement is an internal document for LLC members that outlines management and operational procedures. It does not need to be filed with the state and should be kept with business records. This agreement specifies member identities, their ownership percentages, and management structure, as well as how the LLC is taxed.