Iowa LLC Operating Agreement

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LLC Operating Agreement (template + instructions)

Downloads

Download a free LLC Operating Agreement:
Member-managed: Google DocWordPDF
Manager-managed: Google DocWord

Next Step

After you’ve completed and signed your Iowa LLC’s Operating Agreement, you can then proceed to the next Lesson: Tax ID Number (EIN).

Matt Horwitz


Matt Horwitz
Founder & Educator, LLC University®
Matt Horwitz has been the leading expert on LLC education for the past decade. He founded LLC University in 2010 after realizing people needed simple and actionable instructions to start an LLC that other companies weren't offering. He's cited by Entrepreneur Magazine, Yahoo Finance, and the US Chamber of Commerce, and was featured by CNBC and InventRight.
 
Matt holds a Bachelor's Degree in business from Drexel University with a concentration in business law. He performs extensive research and analysis to convert state laws into simple instructions anyone can follow to form their LLC - all for free! Read more about Matt Horwitz and LLC University.

10 comments on “Iowa Operating Agreement”

Disclaimer: Nothing on this page shall be interpreted as legal or tax advice. Rules and regulations vary by location. They also change over time and are specific to your situation. Furthermore, this comment section is provided so people can share their thoughts and experience. Please consult a licensed professional if you have legal or tax questions.

  1. May I also have a copy of a manager-managed operating agreement? Thanks!

  2. If you are having a Revocable Living Trust (husband and wife) be the member of the LLC . . would it be considered Sole Proprietorship and husband and wife need to sign it? Plus, if you are doing a Loan to the LLC (not a contribution) . . what do you put down then? Thank you!

    • Hi Laura, when you say “sign it”, do you mean the LLC Operating Agreement? If so, no, just the Trustee of the Revocable Living Trust would sign as the sole LLC Member. The LLC will be taxed as a Disregarded Entity. If you have an existing loan agreement between the Trust and the LLC, you can reference that agreement in the capital contributions section of the Operating Agreement. Ex: “$10,000 loan as per the loan agreement dated 1/1/2021”.

      • The Trustees of the Revocable Living Trust are both my husband and I . .so we both need to sign the Operating Agreement as sole members? We filed our EIN number and I just put down my husband’s name as sole member LLC . . .I couldn’t determine how to fill out the EIN Applic with the Trust’s name .. .will that be a problem?

        • Hi Laurie, you are not signing as sole members of the LLC. The Trust is the sole Member of the LLC. You two are the Trustees of the Trust. You are both signing on behalf of the Trust.

          You can change the signature block to:

          ______________________________________
          Sally Smith, Co-Trustee of the Smith Family Trust, dated 6/1/2020

          ______________________________________
          Mark Smith, Co-Trustee of the Smith Family Trust, dated 6/1/2020

          The dates above are the date the trust agreement was created. You should be able to find that date in the opening section of the Trust.

          Technically, your husband is the EIN Responsible Party for the LLC (even though is says “SOLE MBR”) on the EIN Confirmation Letter (CP 575). We recommend speaking with an accountant to make sure taxes are filed correctly moving forward. Hope that helps :)

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Hope that helps!

Matt Horwitz founder of LLC University
Matt Horwitz
Founder & Educator
LLC University®