Incorporators are not required to draft a set of corporate bylaws for their business upon formation, however, we highly recommend that you take the time to review the template we’ve provided below and consider administering it to create an agreement of your own. The corporate bylaw allows for the managing members of a corporation to relay in black and white, the rules and regulations under which they will be required to operate. The document will also enable your corporation to be seen as legitimate and organized in the eyes of financial institutions and competing businesses. It is well advised to have your attorney review the contents of the agreement template┬ábefore providing the required data and distributing it to the relevant members within your organization.