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This information is for educational purposes only and does not constitute legal, tax, or financial advice. Consult a licensed attorney or CPA for tailored advice. The content is copyright protected and cannot be redistributed without permission. An Operating Agreement outlines the management and operational structure of an LLC between its members. Unlike LLC Formation Documents, it is not required to be filed with the state and remains an internal document kept with business records. The Agreement specifies the members and their ownership percentages (membership interest) and details the management structure and tax protocols for the LLC.