Corporate bylaws are a detailed set of rules adopted by a corporation's board of directors after the company has been incorporated. They are an important legal document for a corporation to have in place as they specify its internal management structure and how it will be run. Many states do not require these, but it is recommended by the SBA that you create them to protect yourself and your business.
What is in the Bylaws?
Each set of bylaws will be specific to each organization, but the basic components of bylaws are as follows:
- An Organization's Name, Purpose and Office(s) Location
- Board of Directors
- Conflict of Interest
- Amending Bylaws
Example of Company Bylaws