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In-Depth Incorporation FAQ

Does an LLC have By-laws? What is an Operating Agreement?

An LLC does have By-laws, except that they are not referred to as "By-Laws," they are referred to as the Operating Agreement.

An LLC's Operating Agreement, similar to By-laws, is the internal rules of the LLC. After incorporation, the Members (owners) of the LLC will create and approve an Operating Agreement that fits the needs of the particular company. Creating and maintaining an Operating Agreement is often required in order to comply with state corporate regulations. An operating agreement is included in our Comprehensive Formation Package. The Operating Agreement can be adopted by the company as is, or can be altered with the use of the included CD Rom.