Indiana Bylaws of Lorelei Corporation
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How to fill out Bylaws Of Lorelei Corporation?
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FAQ
Corporate bylaws are required in Indiana. ing to IC § 23-1-21-6, bylaws ?shall? be adopted following incorporation, which makes bylaws necessary?if you want to stay legally compliant, you won't be able to form a corporation in Indiana without them.
In Indiana, if your corporation has fewer than 50 shareholders, the state allows you to dispense with a board of directors. However, you have to make other arrangements for fulfilling a board's duties. Read on to learn more about Indiana's corporate filing and maintenance requirements.
The only limitation for the size of a board of directors in Indiana is the requirement of a minimum of three members.
They contain the basic rules for the conduct of the corporation's business and affairs. The bylaws may contain any provision for managing the business and regulating the corporation's affairs that is not inconsistent with statutory law or the corporation's Articles of Incorporation.
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.