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This text serves educational purposes only and does not provide legal, tax, or financial advice. For specific advice, consulting a licensed attorney or CPA is recommended. It is noted that the information is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for an LLC, detailing member management both financially and operationally. It differs from LLC Formation Documents, as it does not need to be filed with the State. The agreement specifies the members and their ownership percentages (membership interest) and outlines the management structure and operational procedures of the LLC.