What are corporate bylaws, operating agreements and member control agreements?
Corporate bylaws, for corporations, and operating agreements, for LLCs, are documents governing the internal workings of the company. These documents establish the ground rules for such matters as voting, when meetings are held, how officers and directors are elected or removed, and how the companys owners may transfer their ownership interests. Corporate bylaws and member control agreements typically are not filed with the state and exist solely for the corporation or the LLC and its shareholders or members.
