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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.
Your bylaws are a product of your business' size and complexity; however, there are some basics that most businesses will cover:
Basic corporate information: this includes the company's name, address, and location of the headquarters if there are multiple offices
The officers and directors that will be leading the company
The process for amending and adding to the company's bylaws, or articles of incorporation, should it be necessary
The procedure for keeping and managing corporate records
What types of stock classes that will be offered by the corporation
Bylaws are usually written by the incorporator shortly after filing their articles of incorporation. Bylaws can also be created by the board of directors as one of their early official actions. While not every state requires a company to draft bylaws it can be a sound idea. To learn more, read our article about creating corporate bylaws, and if you'd like more information about business in general be sure to visit our starting a business and running a business guides.
Yes, a corporation's bylaws can be amended. Typically, the process to change your bylaws is outlined in the bylaws themselves. This will usually involve proposing changes during a scheduled board of directors meeting and holding a vote among those eligible. This process doesn't necessarily need to occur all in a single meeting. After any changes are approved, they can be officially documented and your written bylaws can then be updated.