Document background
The Bylaws Operating Agreement is a fundamental document required when establishing or restructuring a Limited Liability Company (LLC) in the United States. This hybrid document combines elements of traditional corporate bylaws with LLC operating agreement provisions, making it particularly suitable for LLCs that want to maintain a more corporate-style governance structure while retaining LLC flexibility. It needs to comply with state-specific LLC laws and should be drafted when forming the company or updating its governance structure. The document typically includes detailed provisions about company organization, membership rights and obligations, management structure, capital contributions, profit distribution, voting procedures, transfer restrictions, and dissolution procedures. It serves as the primary reference for resolving internal disputes and guiding company operations.
