An Oregon multi-member LLC operating agreement is a legal document that sets out the ownership structure and operating procedures of a limited liability corporation owned by more than two (2) members. The contract includes details about such matters as finances, transferring interest, capital contributions, accounting and taxes, and dissolution. The agreement can prove essential in legal disputes. Moreover, it can protect members’ assets from any liabilities to which the corporation is exposed. Each signatory should retain a copy of the agreement.