Top 5 Misconceptions About UCC and Corporate Due Diligence Series # 1: Bylaws and Operating Agreements Not Filed With State Filing Office
UCC, Corporate, Due Diligence
This week we begin a brand new blog series where we will debunk five of the most common misconceptions relating to UCC and corporate due diligence. Over the next few weeks, we will clear up common areas of confusion on corporate filings, lien searching and more!
Our customer service account managers regularly receive phone calls from prospective customers who would like to retrieve a copy of a corporation’s bylaws (or operating agreement for an LLC).This is a very common misconception. Bylaws and operating agreements are not documents that businesses file with the state filing office.
Bylaws and operating agreements are internal governing documents that outline the rules for managing the company’s affairs. Bylaws and operating agreements vary in content, but common items addressed include process for electing officers and directors, voting rules, shareholder meeting schedules, recordkeeping procedures, rights and responsibilities, etc.
Since bylaws and operating agreements are internal documents that are not filed with the state filing office, those interested in viewing them should contact the entity directly.
Check back next week when we debunk another common misconception about UCC and Corporate Due Diligence!