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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consult a licensed attorney or CPA. The content is copyright protected, and redistribution is prohibited without consent. An Operating Agreement is essential for LLC members, outlining management and operational procedures. Unlike LLC Formation Documents, it is not filed with the state but kept as an internal document with business records. The Agreement specifies member identities, their ownership percentages (membership interest), and management structure, as well as tax-related aspects.