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Minnesota law does not require corporations to have bylaws. However, it does establish default bylaw rules for corporations, which may or may not be ideal for how you want your business to operate.
The bylaws of a company are the internal rules that govern how a business is run. They're set out in a formal written document adopted by a corporation's board of directors and summarize important procedures related to decision-making and voting.
Specifically, corporations must: hold annual shareholders' and directors' meetings. keep minutes of shareholders' and directors' major decisions. make sure that corporate officers and directors sign documents in the name of the corporation. maintain separate bank accounts from their owners.
A corporation in Minnesota can be formed by one or more natural persons by executing and filing articles of incorporation. Such persons should have completed 18 years of age. The articles of incorporation shall contain the names and addresses of the initial directors.
Minnesota corporate bylaws are rules that establish the organizational structure of your corporation. Bylaws cover some of the most important aspects of your business, from appointing directors and officers to holding board and shareholders' meetings and handling conflicts of interest.