Shares For Resolution In Illinois
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LLCs are not required to have bylaws. However, they are governed by an operating agreement which is like a corporation's bylaws.
Domestic BCA: Any company that files Articles of Incorporation in the State of Illinois under the Business Corporation Act of 1983, as amended is considered a domestic corporation in the State of Illinois.
If you have established, or are thinking about forming, a corporation in California, then you'll need to create a set of corporate bylaws. This may sound like an unnecessary formality – especially if you are a start-up with just a handful of shareholders and employees.
Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.
Start Your Corporate Bylaws StateBylaws Required? California No Colorado No Connecticut Yes Delaware Yes47 more rows
They contain the basic rules for the conduct of the corporation's business and affairs. The bylaws may contain any provision for managing the business and regulating the corporation's affairs that is not inconsistent with statutory law or the corporation's Articles of Incorporation.
