A Nebraska multi-member LLC operating agreement is a document that outlines the structure and standard operating procedures of a limited liability corporation owned by two (2) or more members. Members can be either individuals or other corporations. An operating agreement can mitigate the possibility of dispute and can also protect each member’s personal assets from lawsuits in which the corporation becomes involved. It contains such information as where the company resides, who is responsible for what, how financial matters will be managed, and how the company will be wound up if necessary, in addition to other details.