A Vermont multi-member LLC operating agreement establishes the ownership, management, and operational structure of a limited liability corporation owned by two (2) or more members. A multi-member operating agreement contains information about the organization and how it will handle legal, financial, and logistical matters. The document effectively protects each member’s personal assets from lawsuits the company might face, as well as setting out members’ powers, duties, and obligations, thereby reducing the potential for dispute. Each signatory should retain a signed copy.