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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, it's recommended to 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 the management structure, operational procedures, and financial arrangements. Unlike LLC Formation Documents, it does not need to be filed with the State but should be maintained in business records. The Agreement specifies the members, their ownership percentages (membership interests), and management and tax procedures for the LLC.