A Delaware Multi-Member LLC Operating Agreement seeks to provide a legal commitment covering various aspects of managing an LLC for reference and adherence. Companies of this nature that are held by multiple members can further legitimize claims and set precedents by outlining interest percentages and identifying initial investments for each individual. Other provisions of the document can establish each member’s rights and expectations and set a plan for potential buyouts and dissolution. To formally apply as a limited liability company with the state of Delaware, an executed operating agreement must be submitted with all other associated formation materials.