Summary
A corporation’s bylaws are the internal rules that govern the day-to-day operations of the company, such as how many directors will serve on the board and when and where the shareholders’ and directors’ meetings will be held.
You should prepare and follow bylaws for two reasons:
- Your corporation needs an orderly way to handle the legalities of corporate life. Bylaws provide this for you.
- To be sure you maintain your limited liability status, you need create a paper trail that demonstrates your corporation is following traditional business formalities.
Important to Know:
- These bylaws are designed for a small corporation.
- Your business may require more customized bylaws or assistance from an attorney.
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