What is it?

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.