Though corporate bylaws are not regulated by any outside agencies, they must include specific points of information necessary to keep the company running. Larger businesses tend to have more complex rules, but most bylaws include the following factors:
- Corporate policies and daily operation procedures.
- Schedule and operating rules of directors' and shareholders' meetings.
- Structure for electing officers and descriptions of officer roles.
- Stock guidelines.
Action Steps
The best contacts and resources to help you get it done
Start with basic information
Bylaws usually begin with standard identification information, including the corporation name, location and purpose. The composition and duties of the board of directors should be listed along with the committees, officers and methods of election. Bylaws also cover indemnification obligations for officers, directors and agents.I recommend: Automated Incorporating provides a kit for drafting bylaws. Free sample bylaw forms are available at AllLaw.com and FindLaw. For an explanation of the roles of shareholder, director and officer, see Coollawyer.com.
Set guideline for basic operations
Bylaws cover the basic operations that keep a corporation running smoothly. Questions to address may include: When and how often will shareholder meetings be held? Who gets to come, and who gets to vote? Where will company records be kept and who will maintain them? What kinds of shares are available?I recommend: Depending on the size and complexity of your company, it may be a good idea to hire a lawyer. LawGuru offers a forum to discuss bylaws question with attorneys.
Make bylaws official
Unlike articles of incorporation, bylaws do not need to be filed with any government agency. To make bylaws official, the board of directors will formally adopt the bylaws and include provisions about how amendments can be made in the future. Bylaws are adopted at the first board meeting. The meeting is held shortly after the articles of incorporation are filed and the board of directors has been named.I recommend: Order customized bylaws for your company from MyCorporation.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- Bylaws can be adopted, amended or repealed by the board of directors or by a shareholder vote.
- Once completed, copies of the bylaws need to be made readily available at your corporate headquarters.
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