Must-Have for Any Corporation
Corporate Bylaws and Minutes
Bylaws of a corporation is a critical internal document that establishes the rules that govern how the corporation will be organized and operated. Call us to order.
Outline Company Rules
As required by many states, the bylaws formerly outline the specific rules, regulations, and provisions used to govern the financial and functional decisions of your Corporation.
Corporations that do not uphold corporate formalities, such as adopting or complying with bylaws can “pierce the corporate veil and be held responsible for business debts.
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Frequently Asked Questions
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Bylaws establish internal rules for the organization. There can be state requirements for the company’s bylaws. Additionally, guidelines as to what should be included will also vary depending upon the complexity of the business.
It can include the following information:
- corporation information- name, address, and principal place of business
- Purpose of the corporation
- Information about Corporate officers and directors
- Stock classes and types of stock
- Minimum and maximum number of shareholders
- Procedure for director and shareholder meetings — including frequency, location, and protocol
- Procedures for amending bylaws and articles of incorporation
Many states require corporations to have bylaws. Even if it is not required by state law this document is a standard formality that can help ensure that your business runs smoothly and resolve conflicts. Additionally, Bylaws may need to be disclosed to organizations or entities with whom your corporation does business. For example, licensed professionals, such as lawyers or accountants, can request this documentation before they can offer appropriate legal or tax assistance. Banks may require a copy of your corporations’ bylaws to open a business bank account. Lenders can request it when trying to obtain financing.
A corporate minute document is a record of what was discussed during a corporate meeting. In most state, corporate minute are required by state law. It includes a summary of key points discussed in a meeting along with basic information such as date, time, place, list of attendees, and agenda items.
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