A North Dakota multi-member LLC operating agreement is a legal contract that binds the multiple owners of a limited liability corporation. Members can be individuals or other corporations. The agreement contains details about the corporation’s organization, capital contributions, management, membership, membership changes, as well as the process for winding it up. The document further sets out how decisions will be made and how profits and losses will be allocated. Each member should retain a signed copy of the agreement, which can be useful in a legal dispute. Additionally, the agreement can protect members’ assets from exposure to liabilities.