After the LLC has been created, the operating agreement should be finalized. The operating agreement is the governing document of the LLC. Single-member LLCs tend to be much simplier (and is the main type of new start-ups) than a multi-member LLC. Multi-member LLCs require more information about capital constributions; ownership amounts; allocations and distributions; whether it is member or manager managed; and how dissociations, transferability, and buying-selling works.
Iowa Code § 489.105(1) describes the purpose of the operating agreement. The operating agreement will apply (unless the law expressly says the operating agreement doesn’t apply. See § 489.105(3)) over default provisions in the law.
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