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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; consulting a licensed attorney or CPA is recommended for specific business needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining the management of the LLC both financially and operationally. Unlike LLC Formation Documents, it is not required to be filed with the State. The Agreement specifies member identities and their ownership percentages (membership interest) and details how the LLC is managed and taxed.