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« Yes, You Can Eliminate/Alter Fiduciary Duties of Officers | Main | Ambiguity in the Iowa Certificate of Organization »

December 31, 2008

Begin the New Year by Reading a Sample Operating Agreement!

As you know, tomorrow brings significant changes to Iowa limited liability companies.  All LLCs formed after today will be subject to new Iowa Code Chapter 489.  Existing LLCs will need to start transitioning to Chapter 489 effective January 1, 2011.  All operating agreements of LLCs formed prior to 2009 should be reviewed and necessary amendments made prior to December 31, 2010.

To assist in the process I have prepared a sample operating agreement based on the default provisions of Iowa Code Chapter 489.  You can find the form here.  It should be used as a guide only, modified to fit the needs of each particular situation.  Non-lawyers should not use it without consulting with a lawyer.

Have a happy New Year!

-Marc Ward

Posted at 12:02 PM in LLC Operating Agreements |

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