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The provided information is for educational purposes only and does not constitute legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is a document among LLC members detailing the management of the LLC, 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 outlines the members, their ownership percentages (membership interest), and management procedures for the LLC.