A Utah multi-member LLC operating agreement establishes how a limited liability corporation owned by multiple members will be owned and operated. The document contains such information as:

• Where the company will be domiciled;
• How ownership is established and transferred;
• Who contributed what;
• How profits and losses will be determined and allocated;
• How financial affairs will be managed;
• How the corporation will be dissolved, if it comes to that;
• and more.

Each signatory should retain a signed and notarized copy of the agreement, which can be useful in case disputes arise.