Reviewed by Rocket Lawyer On Call Attorney C. Mario Jaramillo, Esq.

When your company is organized as a corporation, many states require you to create Corporate Bylaws to set basic rules around how your business is run. Even if Bylaws are not required (see state-by-state requirements here), it's a smart idea to put them in place so you'll have clear rules in place.

Corporate bylaws define a corporation's purpose, how it will operate, and the duties and responsibilities of the people who own and manage it. They also let you specify shareholder ownership rights, select officers and directors, plan annual meetings, and establish how to remove officers or directors. Corporate bylaws also describe how stock is issued by the corporation. Corporate bylaws are sometimes called corporation bylaws, company bylaws, or a bylaws template.