Operating Agreement Template
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16OPERATING AGREEMENT
OF
[name of your group here]
A MEMBER-MANAGED LIMITED LIABILITY COMPANY
OPERATING AGREEMENT made as of this __ day of ______2014, by and among the
parties identified on Schedule A attached hereto (hereinafter individually referred to as a
“Member” and collectively with any additional parties admitted as the “Members”).
W I T N E S S E T H:
WHEREAS, the initial Members formed _______________ LLC, a member-managed
limited liability company (the "Company") by filing a certificate of organization with the Office
of the Iowa Secretary of State on ________, 2013, pursuant to the provisions of the State of Iowa
Revised Limited Liability Company Act (the "Act"); and
WHEREAS, the Members of the Company desire to set forth in writing their
understandings and agreements as to the operation of the Company;
NOW, THEREFORE, in consideration of the mutual promises and covenants herein
contained, the Members agree as follows:
ARTICLE 1
Formation, Name, Purpose, Location, Registered Office
1.1 Formation. The Company was formed on ___________, 2013.
1.2 Name. The name of the Company is _________________ LLC.
1.3 Purpose. The Company is organized for all lawful purposes. The principal purpose
of the Company is to invest the assets of the Company in local sustainable food enterprises for
the education and benefit of its Members including all activities reasonably related or incidental
thereto. Under no circumstances will the Company make investments, loans or make use of its
assets for the benefit of an individual or individuals, other than in connection with an individual's
bona fide sustainable food enterprise or business.
1.4 Place of Business. The initial principal office of the Company shall be --------------.
1.5 Registered Office and Registered Agent. The address of the Company's initial
registered office shall be ---------------------------------------. The name of the Company's initial
registered agent shall be --------------. The registered office and registered agent may be changed
from time to time as the Members deem advisable by filing notice of such changes with the
Secretary of State in accordance with the Act. It will not be necessary to amend this provision if
such a change is made.
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