What are corporate bylaws?
Corporate Bylaws are the internal rules of a corporation. After incorporation, the shareholders of the company will create and approve a set of bylaws that fits the needs of the particular corporation. Creating and maintaining corporate bylaws is usually required in order to comply with state corporate regulations. A set of corporate bylaws is included in our Comprehensive Formation Package. This set of bylaws can be adopted by the corporation “as-is”, or can be altered with the use of the included CD Rom.
Bylaws govern the corporation. It is an internal document that specifies the operational policies of the entity. All forms are included, even how the bylaws are changed, or amended. This will outline powers, rights and distribution of the stakeholders, from shareholders, directors and officers. Corporate Bylaws are not filed with any state or federal office.
Bylaws are rules for the corporation that specify things such as the number of votes required to pass a matter put before the corporation, and the requirements to be met before a shareholder can sell his shares, among other things. Bylaws may not be changed without a majority of votes of the board of directors. Bylaws do not need to be filed with the State. They are created solely for the corporation and it’s shareholders.
