The bylaws of a corporation are the internal rules and guidelines for the day-to-day operation of a corporation, such as when and where the corporation will hold directors' and shareholders' meetings and what the shareholders' and directors' voting requirements are. Typically, the bylaws are adopted by the corporation's directors at their first board meeting. They may specify the rights and duties of the officers, shareholders and directors, and may deal, for example, with how the company may enter into contracts, transfer shares, hold meetings, pay dividends and make amendments to corporate documents. They generally will identify a fiscal year for the corporation.
Delaware Bi-Laws of a Non-Profit Church Corporation
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FAQ
Delaware does not have a separate nonprofit statute. Delaware nonprofits typically are formed as nonstock corporations governed by the well-developed and consistently updated Delaware General Corporation Law, allowing for flexibility with regard to governance and structuring of the organization.
The answer is yes - nonprofits can own a for-profit subsidiary or entity. A nonprofit can own a for-profit entity regardless of whether or not it is a corporation or limited liability company, but there are rules pertaining to any money invested by the nonprofit during the start-up process.
For example, under Delaware law, a corporation (whether organized for profit or not) is only required to have one director, whereas the majority of states require a not-for-profit organization to have at least three directors, and Delaware law does not require a corporation to have officers.
The Delaware General Corporation Law (Title 8, Chapter 1 of the Delaware Code) is the statute governing corporate law in the U.S. state of Delaware. Adopted in 1899, the statute has since made Delaware the most important jurisdiction in United States corporate law.
Churches, by definition, are already nonprofit organizations. However, many churches find that it is still in their best interest to apply to the IRS and become a registered 501(c)(3) nonprofit organization.
Delaware corporations also are required to have members, whereas New York charitable corporations are not (although other types of tax-exempt New York not-for-profit corporations do have to have members), but generally this does not impose a significant burden and can be satisfied by specifying in the bylaws that the
Non-Profit Corporations are exempt from obtaining a Delaware business license and paying the accompanying gross receipts tax on the sales of most goods and services; nevertheless, Delaware nonprofits are required to register with the Division of Revenue.
Delaware is a corporation-friendly state. Delaware statutes are very flexible when it comes to formation. Where New York might require three directors for a new nonprofit, Delaware only requires one.
Advantages for nonprofit incorporation in Delaware include ease of formation (no prior approval is needed from state agencies), no approval from state agencies is required for amendments, registration is not required with the attorney general (or equivalent office), and there is permissive, rather than prescriptive,