|
|
| |
|
Corporations and LLC's are required to draft agreements that outline the management of the business. Corporations call these documents By-laws, LLC's call these documents an Operating Agreement.
These forms are not required to be filed with the state but they are required to be kept with your corporate records. There are several reasons that will require you to provide these documents:
- To open a company bank account
- To apply for a loan
- To attract investors or business partners
- To purchase or sell company owned real estate
- To sign lease agreements for the company
- If you are audited or involved in a lawsuit
These are just a few of the reasons that could require you to produce company by-laws or an operating agreement.
A by-law is a rule governing the internal management of an organization. By-laws vary widely from organization to organization but typically the by-laws for a corporation outline:
- How directors are elected
- The rights, duties, and obligations of directors, shareholders and officers
- The rules regarding how disputes among shareholders will be handled
- The frequency of shareholder meetings
- The list of officer positions and the main duties of each position
- Other general rules best outlined in writing to eliminate future disputes
Click here to have an IncAssist Business Consultant help you prepare your By-laws.
Thank you,
IncAssist, LLC
Experience you can trust, prices you can afford!
|
|
|
|
|
