Iowa Code § 489.111
Supplemental principles of law
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. A limited liability company is bound by and may enforce the operating agreement, whether or not the company has itself manifested assent to the operating agreement.
2. A person that becomes a member of a limited liability company is deemed to assent to the operating agreement.
3. Two or more persons intending to become the initial members of a limited liability company may make an agreement providing that upon the formation of the company the agreement will become the operating agreement. One person intending to become the initial member of a limited liability company may assent to terms providing that upon the formation of the company the terms will become the operating agreement.
4. An operating agreement in a signed record that excludes modification or recision except by a signed record cannot be otherwise modified or rescinded.
Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
C2009, §489.107
C2024, §489.111
Former §489.111 transferred to §489.106;
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.