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This information is for educational purposes only and does not constitute legal, tax, or financial advice. Consult a licensed attorney or CPA for specific needs. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is an internal document for LLC members, outlining financial and operational management. Unlike LLC Formation Documents, it does not need to be filed with the State but should be retained with business records. The Operating Agreement specifies member identities, their ownership percentages, and management procedures for the LLC.