A Wisconsin multi-member LLC operating agreement is a legal contract that clarifies how a company owned by more than one (1) member will be owned, managed, and operated. (In this case, a member can refer to either an individual or a corporation.) The document establishes policies and procedures in financial, legal, administrative, and organizational terms. The operating agreement, while not required by law, can be critical in the case of a dispute or lawsuit. Once signed and notarized, the document can protect members’ personal and private assets from exposure to any liabilities the company might face. Each signatory should keep a signed copy on file.