First of all, I'm a fresher in Git. I come from SVN background, where developers work through checking in/out code against a shared repository.

What do I do with Git to enable multi-developer development?

From my understanding, is it correct if each developer will have his/her own individual local repository for each, but share one remote repository that would sit somewhere on the server.

Is my understanding correct? Where do I find a good reading on this?

Thanks in advance!

Yes, your understanding is correct. You don't have to do anything to "enable" a multi-developer scenario.

You just need a repo where everyone can push changes to (and pull changes from).

This might help you.

Edit

Let me add a few more words. Even if git is a distributed source code management system, most of the times you will still have a "blessed" central repository, one you will consider to be your "official" one.

The difference is that, git being distributed, every developer will have a clone of that official repo, containing all the entire history.

The many reasons why this is such a Good Idea®, well, you'll figure them out on your own, trust me.