What are by-laws?
They are the regulations of a corporation that, subject to statutory law and the articles of incorporation, provide the basic rules for the conduct of the corporation’s business and affairs. The By-Laws are similar to an Operating Agreement for an LLC, a Partnership Agreement for a general partnership, a Limited Partnership (LP) or a Limited Liability Partnership (LLP). It is generally not required by a given state for forming a corporation, although it is certainly recommended that they be prepared as soon as possible after forming the corporation. When dealing with banks and other private companies for financing issues (loans, mortgages, etc.) the By-Laws will likely be required by that institution or company. To validly complete the formation of the corporation, the corporation must have an approved set of By-Laws.
The By-laws, or in some jurisdictions “Articles of Association”, are rules the corporation creates for its shareholders, officers, and directors. By-laws are adopted by the Board of Directors as one of the first organizational steps in setting up a corporation. Upon instruction, we can adopt a standard set of By-laws for a new corporation. Unlike Articles of Association, By-laws are usually maintained internally but may be publicly filed if requested.
The By-laws, similar to the “Articles of Association” found in other jurisdictions, are rules the corporation creates for its shareholders, officers, and directors. By-laws are adopted by the Board of Directors as one of the first organizational steps in setting up a corporation. Upon instruction, IRI’s nominees can adopt a standard set of By-laws for a new corporation. Unlike Articles of Association, By-laws are usually maintained internally but may be publicly filed if requested.
