A Texas multi-member LLC operating agreement is a legal document that sets up the ownership structure and standard operating procedures for a multi-member limited liability corporation, meaning a company that is jointly owned by more than one (1) member. In this context, a member can be either an individual or a corporation. The agreement codifies arrangements pertaining to ownership, membership, transferring membership, profits and losses, accounting, taxes, distribution, dissolution, and other matters. The document, while not required by state law, is extremely useful in the event of a dispute. Each member should keep a copy on file.