Have You Drafted Your Bylaws or Operating Agreement?

The corporation's bylaws set forth the company's rules and regulations. Similar to bylaws, an operating agreement provides the framework to operating the Limited Liability Company. Companies do not file the bylaws or operating agreements with the Secretary of State. Instead, businesses keep them with their internal company records.

Who Needs Bylaws or an Operating Agreement?

State law requires corporations to create bylaws documenting the management of the business. Bylaws and operating agreements are generally requested by:

• A lender, in order to obtain financing

• A bank, in order to open a business checking account

• Potential business partners or investors

• Your attorney or accountant