Get help with your bylaws from a professional attorney.
What to Expect
Are you on top of the rules that govern your corporation? Corporations must wrestle with competing obligations – to their shareholders, to their customers, and to their creditors, to name a few. Keeping all of these groups’ interests in balance is only possible with a well-defined corporate structure in place. A corporation’s bylaws are its blueprints. The right bylaws can help you maximize your profits; the wrong ones can become powerful evidence in the hands of a capable trial attorney who is suing your company. Because of the importance of this document, it is critical to have a knowledgeable business attorney on board to guide you through the process of drafting, revising, and voting the bylaws into effect.
WHAT IS INCLUDED IN THE COMPANY BYLAWS?
Many different items may be included in the bylaws. It simply depends on how precise you want to be and the regulations in your state. Whether or not your company has gone public also greatly affects what needs to be specified. In general though, bylaws tend to include: The duties of the directors and officers
The number of directors
How director and stockholder meetings are called
How the corporate records should be maintained
When and for which details are reported to the stockholders
Proxy and voting processes
Stock transfer regulations
General corporate matters
Of course, as your company grows, your bylaws too might need to evolve. Changes can be made by the board or by stockholder vote. Normally, the laws go through a process of adoption, amendment, or repeal. These processes make sure all responsible parties have control and take responsibility for the company and the decisions for the company in some way. A corporate lawyer will be able to determine which bylaws must be included for your intended structure.