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This information is for educational purposes and does not constitute legal, tax, or financial advice; consult a licensed attorney or CPA for specific guidance. The content is copyright protected and cannot be redistributed or modified without consent. An Operating Agreement is an internal document for LLC members outlining management and financial operations. Unlike LLC Formation Documents, it does not need to be filed with the state and should be kept with business records. The agreement specifies member identities, their ownership percentages (membership interest), and how the LLC is managed.