What are corporate bylaws?
Your corporation’s bylaws are the single most important document regarding your company. They outline the day to day rules for your corporation, how it will be run, exact duties of directors and officers, how various positions will be determined, as well as ownership, voting rights, and initial shareholder information.
Why do I need corporate bylaws?
Well-structured bylaws are the most critical tool for creating a business that can run smoothly and efficiently.
Poorly written bylaws will inevitably lead to problems, confusion and conflict later on.
For example, you should outline specifically the duties and expectations of the corporation’s board of directors. If these are unclear, directors will not know what their job entails and what goals they are supposed to achieve. This will lead to wasted time, conflicts of interest, and dissatisfaction with job performance.
What am I required to include in my bylaws?
Bylaws are an internal document specific to each corporation. For this reason, there is not a single set of requirements legally required to be included.
Most corporations include information regarding the following:
- Corporation name and office location
- Corporation’s purpose
- Board of Directors
- Number and type of stock shares
- Conflict of interest
Each of these areas should be addressed in-depth, so that there is no confusion about how the company is structured, who is in charge of what, and how everything will be run.
Who do I file my bylaws with in Wyoming?
No one. This is an internal document.
Does it cost anything to make corporate bylaws?
No, not if you write them yourself or use a free template. However, if you hire an attorney to draft your bylaws for a Wyoming corporation, then
If you are my registered agent, do you get a copy of my corporate bylaws?
Can you help me create my corporate bylaws?
Yes. As part of our $200 standard Corporation Formation Package. With this service, you get:
- Draft Articles of Incorporation and sign as your incorporator
- File your formation paperwork with the Secretary of State
- Act as your Wyoming Registered Agent for one year
- Draft your corporate Bylaws
Do I have to include my name and address on my bylaws?
Yes. The name of your company, the names of shareholders, and the names of initial members must be included. This is how and where ownership of your company will be identified.
If you leave names and addresses off your bylaws and ownership is ever disputed, you will end up in court. A judge will determine who owns what based on whatever available evidence exists.
Are corporate bylaws a matter of public record?
No. This is an internal document.
How do I make amendments to my bylaws?
This is an internal document and can be amended at any time. You can download standard amendment forms online and fill them out whenever you need. Amendments do not need to be filed with the state, although it can be in your interest to do so.
Your bylaws should have outlined an amendment process, so be sure that you follow it.