A California multi-member LLC operating agreement is an agreement that establishes the ownership, structure, and standard operating procedures for a business owned by two (2) or more members in California. The document contains such information as where the business is located, who its principal agent is, and which members are responsible for what duties and obligations. The agreement should be signed in the presence of a notary public, and copies of it should be retained by all business owners. Like other operating agreements, the multi-member operating agreement protects owners’ personal property from any lawsuits the company might face.