An Iowa multi-member LLC operating agreement is used to set in place a newly formed limited liability company’s internal structure and operating procedures. The owners of an LLC can use the form to list membership duties, ownership percentage, capital contributions, and authority. Furthermore, the agreement will function to assign financial and legal liability to the LLC, thus indemnifying the owners.

While LLC operating agreements are not a prerequisite, they are typically created upon an LLC’s formation to strengthen the company’s framework and secure the owner’s assets.