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The information provided is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected, and redistribution, copying, or modification requires prior written consent. An Operating Agreement is an internal agreement among LLC members that outlines the management structure and financial operations of the LLC. Unlike LLC Formation Documents, it is not filed with the state. The Operating Agreement specifies the members and their ownership percentages (membership interest) and details the management processes of the LLC.