This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Template For Incorporation In Illinois
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Corporate bylaws are a company's foundational governing document. They lay out how things should run day-to-day and the processes for making important decisions. They serve as a legal contract between the corporation and its shareholders, directors, and officers and set the protocol for how the organization operates.
What Are Illinois Articles of Incorporation? Preparing and filing your articles of incorporation is the first step in starting your business corporation. Approval of this document secures your corporate name and creates the legal entity of the corporation.
Having a corporate seal is no longer mandatory by Illinois statute, but including this language will document the fact that the company either does or does not use a seal.
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.
Corporations Code - CORP. TITLE 1 - CORPORATIONS. DIVISION 1 - GENERAL CORPORATION LAW.
A professional corporation may be incorporated by one or more persons licensed in the respective profession or an Illinois attorney by filing the Articles of Incorporation with the Department of Business Services in person or by mail.
(a) One or more natural persons, partnerships, associations or corporations, domestic or foreign, may form a corporation under this division by executing and filing articles of incorporation.
LLCs are not required to have bylaws. However, they are governed by an operating agreement which is like a corporation's bylaws.