Your Party will be led by its members rather than a single MP, avoiding a battle between its two co-founders, Jeremy Corbyn and Zarah Sultana.
Members have voted for a collective leadership model rather than a single leadership model, by a margin of 51.6% to 48.4%.
There was a big cheer as the result was announced to delegates gathered in Liverpool for the new movement's annual founding conference.
However one ally of Mr Corbyn told Sky News: "People have voted against utilising the biggest asset the party had - Jeremy."
Your Party has been marred by factionalism between the two figureheads and had a single leadership model been picked, a big battle for the top job was expected.
But many members told Sky News at the conference that because of the squabbling, they want Your Party to be led by the people rather than "personality icons".
Collective leadership will see ordinary members who are not MPs elected to senior positions on a Central Executive Committee (CEC), which will decide on party strategy and organisation.
Three key leadership roles will be the Chair, Vice Chair, and Spokesperson, who will be elected by February.
But there will be 16 lay members of the CEC overall, who will represent regions within England.
And MPs will still have influence, as they will be able to sit in the public office holder section of the executive committee, as will local councillors.
They must be elected in a one on one vote, with four positions understood to be available.
A Your Party spokesperson said: "This vote shows that we really are doing politics differently: from the bottom-up, not the top-down.
"In Westminster, we have a professional political class increasingly disconnected from ordinary people, serving corporations and billionaires instead of the communities they are supposed to represent.
"With a truly member-led party, we will offer something different: democratic, grassroots, accountable."
Your Party members have also voted to allow membership of other parties. Current rules don't permit dual membership, but this sparked a major row on the eve of conference as it emerged figures from the Socialist Workers Party (SWP) had been expelled.
Ms Sultana, who supports dual membership, branded this a "witch hunt" orchestrated by "nameless bureaucrats" close to Mr Corbyn and refused to enter the conference hall on day one.
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(c) Sky News 2025: Your Party votes to be led by members rather than single MP - avoiding Corbyn-Sultana battle
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