A Rhode Island multi-member LLC operating agreement is a legal contract that establishes the ownership, purpose, and procedures of a limited liability corporation owned by multiple members. The document contains information about the company’s members, their interests, and how those interests can be transferred, in addition to outlining how members agree financial and legal matters will be handled. Though state law does not require an LLC to utilize an operating agreement, drafting and signing one is extremely beneficial. Not only does the agreement shield members’ assets from any debts or obligations the company accrues, but it can also be helpful in mitigating disputes. Each member should retain a copy of the agreement.