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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice; licensed professionals should be consulted for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members that outlines management both financially and operationally. Unlike LLC Formation Documents, it does not need to be filed with the state but should be kept with business records. The agreement specifies members and their ownership percentages (membership interest) and defines management structure and tax responsibilities for the LLC.