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This information is for educational purposes only and does not constitute legal, tax, or financial advice. For personalized guidance, 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 financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the state. The agreement details the members and their ownership percentages (membership interest) and clarifies the management structure and tax matters of the LLC.