Monday, February 21, 2011

How Do I Form A Business Entity? Prepare Governing Documents


Prepare Governing Documents

In addition to preparing the formation document (i.e.,
Articles of Incorporation, Articles of Organization or Certificate of Limited Partnership), you also need to prepare a document that governs the internal rules of your business entity.

The governing documents are bylaws for corporations, the operating agreement for LLCs, the partnership agreement for general partnerships, and the limited partnership agreement for limited partnerships. They explain such matters as holding meetings, voting, elections, and powers of the owners and management. The governing document is generally not filed with the state.

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