One of the things you must do when founding your business is to draft a set of Corporate Bylaws. These rules will govern how the firm is conducted and the processes it will adhere to while in existence. Consider the bylaws to be a collection of regulations outlining what your organization may and cannot do.
Table of Contents
How to Write Company Bylaws
The intricacy of your bylaws will be determined primarily by the size of your company, however the typical corporation’s bylaws will include the following:
Name, location, and headquarters of the company
The stock classes and types of shares issued by the company
How many corporate officers and directors does the company have?
The process for having shareholder and board meetings
The process for amending the corporation’s bylaws and Articles of Incorporation.
The method of maintaining company records. This involves the preparation and inspection of records.
A Conflict of Interest Policy to safeguard the company against IRS fines
New companies may alter our Corporate Bylaws template to suit their needs. We can also guide you through the incorporation procedure if you haven’t already.
Creating Bylaws
In most circumstances, the incorporator drafts the bylaws of a new company. If the incorporator is unable to draft bylaws, the board of directors may do so as one of their first activities.
Although your Articles of Incorporation must be filed with the Secretary of State, your Corporate Bylaws do not need to be filed with any government entity. Instead, save this paper among your company’s business documents.
Potential investors, creditors, and other entity with whom your firm conducts business may request your bylaws, so make sure they are easily accessible.
After the bylaws of the organization have been written, each director, member, and officer should be given a copy and should take the time to comprehend them.
