An Iowa single-member LLC operating agreement is an internal document that states the ownership, management, and operations of a limited liability company that only has one owner. While Iowa does not require LLCs to draft an operating agreement by law, it can be helpful to formally establish the rules and procedures to guide the company’s day-to-day operations. In addition, having an operating agreement helps increase the company’s credibility to investors and institutions alike. It also protects the owner’s personal assets and liability in the event of company bankruptcy or litigation.