A Virginia multi-member LLC operating agreement is a legal document used by companies owned by more than one (1) managing member to set clear expectations around duties, responsibilities, powers, and operational procedures. The agreement shields members’ private assets from legal actions taken against the company and reduces the potential for conflict between owners. Signed copies should be kept on file by each owner. It is recommended that members consult a knowledgeable attorney before having the agreement signed by a notary public.