Bylaws

The internal procedures for how to run a corporation that provide for the proper conduct of corporate meetings, elections, and officers’ authority to take business actions. State corporation statutes require that every corporation adopt Bylaws (a document not filed with the Division of Corporations in the state of incorporation). Bylaws are not applicable to an LLC because the equivalent is the LLC’s Operating Agreement. The Operating Agreement goes one step further and acts as a partnership agreement between owners. That is not in the Bylaws. To have an agreement among owners, the stockholders would enter into a shareholder agreement, a separate document that is recommended.