Every company has its own rules and policies that govern the entire management. And this is particularly true for large corporations with several stockholders and investors that keep the company running. It is essential that these policies are properly documented which we call corporate bylaws or company bylaws. Such bylaws are created usually after the Articles of Incorporation are submitted, which can be oftentimes confusing. By articulating the procedures management must follow, these rules help ensure a corporation runs smoothly, efficiently, and consistently. To learn more about this, let us discuss this further below. And if you need to start preparing one, we’ve got a list of corporate bylaws samples that are downloadable for free on this page.
10+ Corporate Bylaws Samples
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What Are Corporate Bylaws?
Proper management is governed by key rules and regulations, which is why corporate bylaws are created. This is a legal document that dictates how a certain company is run and is one of the first items to be established by the board of directors at the time a company is started. Corporate bylaws are used to efficiently guide its daily operations and it is quite essential to have these because having a set of bylaws can save time and help make the company a more trustworthy organization. Investors, business partners, and even clients would feel more at ease if companies have their own set of bylaws.
How To Create Corporate Bylaws?
Once a company has become incorporated, the corporation’s board of directors will need to adopt a set of corporate bylaws that act as detailed rules for the company. It is sort of an operating manual that dictates procedures and standards that the company will follow. Bylaws should be able to define what a company can and cannot do and outline the roles of each director and corporate officer. Now, there is no standard format for preparing corporate bylaws, but it should more or less cover the following components below.
1. Statement of Purpose
A company’s statement of purpose will give readers such as investors, partners, and employees a general idea of why the company was founded and if the business goals align with its purpose. This should also give an overview of who is its targeted customers and the plans on how to serve them, and why the company was incorporated.
2. Board of Directors
Information about the board of directors, their function, duties, and power must be included in the bylaws. Other details should include their length of term, and the maximum and the minimum number of directors needed.
3. Structure of Management
In most cases, high-ranking officers are appointed to manage the daily operations of the company. Most corporations will have a chief executive officer, chief operations officer, and chief financial officer. So provisions on how to select and remove officers should be stated, as well as the salary, roles and responsibilities, and how to fill out vacancies.
4. Information about the Corporation
Basic information about the company should be included in the bylaws such as the registered name and address, and whether the company is a private or public organization.
The bylaws should also include details about stockholders’ meetings such as when will this be held, how are the stockholders notified, and the order of business that the meetings will follow.
6. Conflict of Interest and Protection Against Threats
Procedures on what the company should do in case there is a conflict of interest must be included in the bylaws. It is sometimes inevitable that change may occur, so when that happens the company is ready to address such issues. And the possibility of threats occurring should always be anticipated. That being said, the bylaws may opt to include provisions on how to deal with such events. Corporate bylaws can also provide important legal protections again corporate-related threats.
One important provision in the bylaws is making amendments to the bylaws. There should be a procedure on how these amendments could be made, and how they should be approved and documented.
What Is an Articles of Incorporation?
These are a set of legal documents filed to a government body to legally document the creation of a corporation.
Are Bylaws required in every Corporation?
In most cases, bylaws are needed to run a corporation but double-check your city or state if your company really requires one.
Who Are the Board of Directors?
These are a group of individuals who represents the shareholders and are elected for the post.
Corporate bylaws are important legal documents that will help properly govern a company. This will help external entities understand and trust the company better. To make it easier for your to prepare one, don’t forget to download our templates!
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