Drafting a set of bylaws when forming a new corporation is an advisable measure to take for those aiming to properly organize their internal business structure. This document can be used to standardize the rules and regulations of your entity and to relay the exact relationship between the members of the corporation and the corporation itself. An agreement should be filed with all relevant parties of the corporation and not with the Department of Financial Institutions as this internal document is not legally required. We have provided a free template in MS word and PDF formatting which can be downloaded using the links located at the top of this page or those found in the image below.