A New York multi-member LLC operating agreement is a document that outlines the ownership structure and standard operating procedures of a corporation owned by multiple members. Members, in this case, can be individuals or corporations; all are owners of the corporation. The operating agreement establishes such matters as how finances and accounting will be managed and how the company will be wound up. Each member should retain a signed copy of the agreement, which can mitigate conflict and also shield members’ assets from claims made against the company in court.