A Mississippi multi-member LLC operating agreement is a legal document that establishes the ownership structure and a procedural plan for a limited liability corporation owned by more than one (1) member. The agreement contains such information as:
- Where the business will be domiciled;
- How financial matters will be managed;
- Who owns which interests;
- How interest can be transferred;
- How legal matters will be handled;
- Which members are responsible for which duties;
- How the company will be dissolved, in the event it has to be;
- and more.
Every member should retain a copy of this agreement, which can function as a shield of protection against lawsuits and disputes.