Mergers & Acquisitions

Resources: Glossary

Don’t be confused or intimidated by any terms or abbreviations in the M&A world. You’ll find answers here.



The internal, written rules that govern how a company operates. These are created by the company’s board of directors when the company is formed.

See Also

Operating Agreement.


The bylaws are initially approved by the board of directors and are not public information in most states, unlike the articles of incorporation. The bylaws are called an “operating agreement” if the company is structured as an LLC.