This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of A Corporation Without In Pennsylvania
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Nonprofit corporations are those corporations whose members or shareholders may not receive any of the monetary profits of the corporation. A nonprofit corporation must be able to fulfill its purpose without financial benefit to its members, directors, or officers, except as salaries and expenses.
The corporate opportunity doctrine prohibits a corporate fiduciary from exploiting an opportunity related to the corporation's business unless he or she first offers that opportunity to the corporation.
--Unless otherwise restricted in the bylaws, any action required or permitted to be taken at a meeting of the shareholders or of a class of shareholders of a business corporation may be taken without a meeting if a consent or consents to the action in record form are signed, before, on or after the effective time of ...
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.
In Pennsylvania, a corporation need not adopt bylaws at its formation, but bylaws are sometimes adopted by the incorporator or board of directors at formation or a later time.
--Unless otherwise provided in the bylaws, a majority of the directors in office of a business corporation shall be necessary to constitute a quorum for the transaction of business, and the acts of a majority of the directors present and voting at a meeting at which a quorum is present shall be the acts of the board of ...
(b) Action by consent. --Unless otherwise restricted in the bylaws, any action required or permitted to be approved at a meeting of the directors may be approved without a meeting by a consent or consents to the action in record form .
--Unless otherwise restricted in the bylaws, any action required or permitted to be taken at a meeting of the shareholders or of a class of shareholders of a business corporation may be taken without a meeting if a consent or consents to the action in record form are signed, before, on or after the effective time of ...
No. Corporations are formed and fictitious names are registered by filings made with the Corporation Bureau. You should, however, contact your local county, township, city, or borough for additional licensing requirements that may apply to your business.