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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.
Corporate bylaws are legally required in Florida. Florida law requires corporations to adopt bylaws. ing to FL Stat § 607.0206, incorporators, directors or shareholders shall adopt initial bylaws for their corporation.
(1) A corporation shall have the officers described in its bylaws or appointed by the board of directors in ance with the bylaws. (2) The board of directors may appoint one or more individuals to act as the officers of the corporation.
Under Florida law, a corporation must have at least one director. Directors must be at least eighteen years old. Directors need not be residents of Florida or shareholders of the corporation, unless the articles of incorporation so require.
607.1020(1)(b), the shareholders in amending, repealing, or adopting a bylaw described in subsection (3) may not limit the authority of the board of directors to amend or repeal any condition or procedure set forth in, or to add any procedure or condition to, such a bylaw to provide for a reasonable, practical, and ...