Board Meeting Corporate Form Of Organization In New York
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Corporate bylaws are legally required in New York. Under NY Bus Corp L § 601, corporate bylaws “shall be adopted” by a company's incorporators. That means that in New York, you'll need to adopt bylaws to comply with the law.
Bylaws are internal documents, so they don't need to be filed with the New York Department of State like your Certificate of Incorporation. But even though the state government may never see your bylaws, they're still legally required for all New York corporations.
Articles of Organization are documents that are used to form an LLC, whereas Articles of Incorporation are used to form a corporation. Although LLCs are often referred to as “incorporated” businesses, that is incorrect. An LLC is a “formed” or “organized” business entity.
Most state laws require that corporations establish company bylaws. Bylaws ensure consistent and agreed-upon voting and decision-making procedures and are particularly important should an officer or director leave the company.
Incorporating with one person is called a single-member or one-person corporation. You will be the sole shareholder, the director, and the officer.
The New York State Business Corporation Law in section 602 requires business corporations, including co-ops, to hold annual meetings for the selection of board members.
Start Your Corporate Bylaws StateBylaws Required? Alaska No Arizona Yes Arkansas Yes California No47 more rows
New York Consolidated Laws, Business Corporation Law - BSC § 715. Officers. (a) The board may elect or appoint a president, one or more vice-presidents, a secretary and a treasurer, and such other officers as it may determine, or as may be provided in the by-laws.
Number of directors. (a) The board of directors shall consist of one or more members. The number of directors constituting the board may be fixed by the by-laws, or by action of the shareholders or of the board under the specific provisions of a by-law adopted by the shareholders.
If your business is a corporation, then you are required by law to have a board of directors. Depending on your particular corporate structure and your state, one or two directors may be all that's legally required.
