There is no legal requirement for incorporators to draft a corporate bylaw upon formation, though we highly recommend that you take a moment to look at our free template to consider implementing it into your business structure. This document provides the managing members of a corporation with the ability to define, in a legal manner, the rules and regulations by which the members of the organization must abide. Due to the complexity of an agreement of this nature, it is advisable to have an attorney review the various provisions contained within your completed bylaws before having all managing members sign as it thus putting it into effect. We have provided a downloadable template agreement in MS Word and PDF formats, linked above and on the image below.