When a company has been incorporated, the corporation’s Board of Directors will adopt a detailed set of rules that will govern the internal structure and operations of the corporation. These are important legal documents for a company to have in place because it specifies how management will function and how the company would run.
The corporate bylaws can contain provisions that tells how the corporation should conduct its affairs. It would also indicate the roles, functions, and duties of the Company Directors, Corporate Officers, and its employees. The corporate bylaws also detail the policies and responsibilities of all of the company’s shareholders.
The Corporate Bylaws should never be confused with the Articles of Incorporation. The articles are the charter by which the corporation was formed while the bylaws are the internal set of rules and procedures followed for the governance of the corporation.