The Nevada multi-member LLC operating agreement is an internal document that gives limited liability companies with two (2) or more members the ability to detail company policies and structure. The document lists each member, as well as their rights, responsibilities, and ownership percentage.

The operating agreement also provides guidance in the event that a member wishes to leave the company or the business fails and must dissolve. Nevada law does not require that this document be put in place; however, companies with an operating agreement are able to customize their internal operations and clearly indemnify the owners from lawsuits and company debt.