What are Bylaws?

Bylaws are the rules that govern how an organization is managed. When a corporation is formed or incorporated, the board of directors‘ first act is to create the bylaws. As opposed to the articles of incorporation, bylaws are more detailed. They do not need to be filed and are used internally as a guide.

The contents of the bylaws may vary based on the organization, but usually include:
– Name and principal place of business
– Purpose of the organization
– Management structure: Powers, responsibilities, qualifications, term limits, and removal of board members
– Meeting guidelines and procedures – Location, quorum, votes, proxies, and special meetings
– Committee appointments
– Types and number of authorized shares
– Procedures for the amendment of bylaws