A Mississippi multi-member LLC operating agreement is used to describe how a limited liability company with two (2) or more owners will run internally. The document details the management of the LLC, membership capital contributions, allocation of profits and losses, and company accounting. One of the most significant benefits of an operating agreement is it indemnifies its listed members from company liability in the face of litigation filed against the LLC. The agreement’s implementation is invaluable, even though Mississippi law does not require it.