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The information provided is for educational purposes and does not constitute legal, tax, or financial advice. For specific advice tailored to your business needs, consult a licensed attorney or CPA. The content is copyright protected and cannot be copied or modified without consent. An Operating Agreement is an internal document for LLC members that outlines financial and operational management. Unlike LLC Formation Documents, it is not filed with the State but should be kept with business records. The agreement specifies the members' identities, their ownership percentages (membership interest), and management protocols for the LLC.