A Maine multi-member LLC operating agreement outlines the policies and procedures for a company owned by more than one (1) member. A member can be either an individual or a corporation. The multi-member operating agreement codifies the ownership of the company and determines how its affairs will be managed. In effect, the document protects the signatories from exposure to liabilities the company might incur and can also reduce the possibility of a dispute. Each signatory should keep a copy of the agreement.