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Documenting corporate bylaws is essential to ensuring a company runs smoothly. It not only outlines how your business should operate, but also the internal management teams’ rights and responsibilities. A good bylaws template should also feature very specific instructions regarding voting rights and the structure of board meetings.
All told, this is quite an elaborate document. So, instead of starting from scratch, you can use Signeasy’s bylaws template to simplify the process. This template document can act as a first draft of your company bylaws, and can be easily edited wherever necessary.
Also known as “company bylaws” or “business bylaws,” this document is usually created and approved when a business is founded. Read on to better understand the provisions in this contract and what they mean for your company.
The clauses in this section identify the business in question as well as the state in which it was incorporated.
Next, it gives the board of directors the right to choose the location for the principal place of business and branch offices. This allows your business to change your head office’s location without updating the bylaws document every time.
Finally, it also mandates the office of the corporation to maintain a list of shareholders who may vote at shareholder meetings.
Every company runs annual meetings for shareholders and board members to discuss important company issues. This section sets the rules for such meetings. Here is a breakdown of each clause:
In this section, you will define the directors’ rights and duties. You can also duplicate this section for the other board members if necessary.
Some of the salient points mentioned in this section include:
Note: Always check your state’s laws regarding the number of directors that need to be installed based on the number of shareholders.
Every officer at a company has a different role to play. For instance, the Secretary takes care of non-financial record-keeping and administrative tasks, while the Treasurer is tasked with overseeing the company’s finances.
Common officer roles include:
More such roles can be created at the board of directors’ discretion.
Similar to the ‘Director’ section of this bylaws template, you can include the grounds for removal, appointment, resignation, and advertising of vacancies in this section as well.
If ever your shareholders or employees are caught in a legal skirmish, this clause will protect their interests regarding any actions taken on behalf of the company. The indemnification clause protects the accused from harm in the event that legal action is brought against them. It also indicates that the corporation is responsible for the legal fees to fight these lawsuits.
Who will approve contracts, cheques, drafts, notes, and other legal/financial instruments? The answer to that question lies in this clause. Typically, the board of directors, President, Chairperson, Treasurer, and Secretary are allowed to authorize such documents.
This section should also outline how stock certificates are distributed.
If the company wishes to make changes to the bylaws or adopt new ones, this amendment clause outlines the minimum requirements to do so.
Once the bylaws template is signed by the company secretary, the corporation will agree to follow all the provisions outlined in the document.
Use an eSignature solution like Signeasy to quickly request and obtain the company secretary’s signature remotely, and send a signed online copy of the corporate bylaws to all relevant stakeholders.
You will need to have your bylaws document signed by the company Secretary and shared with all of the shareholders. A powerful eSignature solution like Signeasy makes it possible to execute both of these tasks remotely, without the need for physical documents to change hands.
Here are some of the features that make Signeasy a top SaaS solution for new companies:
Sign your corporate bylaws template for free by signing up here.
To create bylaws for your corporation, you can use a ready-made template and hire a lawyer to personalize it to your business's unique needs. The bylaws document is therefore called draft bylaws, and is then presented to the corporation's directors at their first board meeting.