The previous two articles in our series of the top five most commonly requested business contracts discussed LLC operating agreements and partnership agreements. In this article, we will discuss the next contract in the series: Corporate bylaws.
In contrast to an LLC or Partnership operating agreement, a corporation must create bylaws as part of forming the corporation. While the bylaws do not have to be filed with the state, they must be kept with other important business records such as the corporation’s minute book for review by officers and shareholders as needed.
While there are no set criteria as far as content, a corporation’s bylaws will usually include the internal rules and regulations of a corporation, the identity and responsibilities of the corporate officers and members of the board of directors, and how and when the board and shareholders will meet. Bylaws can be simple or complex, depending on your business structure and ownership, and may be signed into effect by an authorized corporate officer.
Be prepared to give a copy of the bylaws to your bank when opening bank accounts for the corporation. It is likewise not uncommon for businesses to ask for a copy before entering into business-to-business contracts, especially if your business is new.
To have an attorney draft or review your corporate bylaws, or for help with any other matter related to your business, call Scolieri Law Group, P.C. Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can help you navigate contracts and other matters affecting your business. Contact us today at (412)765-0546 or firstname.lastname@example.org.