Newly formed LLCs would do well to consider drafting an operating agreement at the time of initial incorporation. Although operating agreements are not required by Iowa state law, they serve an invaluable organizational purpose as they are, due to the limited nature of initial filings, the only documents in which officers can lay out binding rules and regulations regarding the operating of an LLC. These documents will help your LLC to attain legitimacy in the eyes of the government, competitors, and financial institutions. Please feel free to draft your operating agreement with the help of our free template, available below in both MS Word and PDF formatting. To finalize the document, have your lawyer assess the agreement and disseminate it to all relevant parties.