An Iowa limited liability company operating agreement should be issued to and signed by each member forming this company. While Iowa has no statutes obligating an LLC to form an operating agreement, this document would be treated like a contract binding each member to its content. This enables the structure of the LLC, along with its internal environment and status, to be set in writing for future reference and proof whenever needed.
Is it Required in Iowa?
No. An operating agreement is not a legally required contract for Iowa LLCs to be organized or operate in this state, but a signed and notarized operating agreement is widely suggested.
Templates (2)
Single-Member LLC Operating Agreement – Used only for LLCs with at most one (1) member.
Multi-Member LLC Operating Agreement – Used only for LLCs with at least two (2) members.
State Definition
Revised Uniform Limited Liability Company Act
“’Operating agreement’ means the agreement, whether or not referred to as an operating agreement and whether oral, in a record, implied, or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in section 489.110, subsection 1. The term includes the agreement as amended or restated.”
