Get a legal document so you can outline the rules of your company.
In any incorporated company, it is important to get a document that outlines the different internal agreements that ensure the proper functioning of the business. This document is called Operating Agreement for an LLC or Bylaw if it’s for a Corporation.
The Operating Agreement or Bylaw is the one that stipulates the membership, administration, operation and distribution of the company's income. Likewise, it allows documenting the roles, responsibilities, rights and relationships of the members or partners, as well as their respective percentages of participation or shareholding distribution.
This document can be named differently depending on the type of business:
Having this document could represent an advantage for the company as it will allow the partners to establish the rules as desired.
Additionally, in some states the incorporation documents don't reflect the percentages of participation or shares, so it's important to have an internal document that stipulates them.
Also, it's important to get it before opening the business account, cause the Operating Agreement or Bylaw is a document required by some banks.
If you have any internal clauses that you want to add, you can. Note that the structure of this, and the essential clauses must remain.
It is a simple process carried out under the official structure of the United States. Only the documents of the company and the partners are required to start the process.
Our team takes a maximum of 48 hours to have the document ready for you.
Yes, it has a specific space for the signature of all the partners at the end of the document. Additionally, each page should include the initials of the partners.