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Delaware corporate bylaws set the rules for the company, including stockholder meeting procedures, stockholder and/or officer duties, voting regulations, day-to-day guidance and more -- all of which help the business run smoothly. Corporate bylaws are required in a majority of U.S. states, Delaware included.
For a corporation organized under the laws of a US state such as Delaware, the certificate of incorporation establishes the corporate entity, and corporate bylaws exist to provide more detail about the manner in which the business is governed and run on a day-to-day basis.
If your startup is a corporation incorporated in Delaware or Washington, you must have a board of directors. The Delaware General Corporation Law provides that the business and affairs of every Delaware corporation shall be managed by or under the supervision of a board of directors.
This article discusses the key legal documents needed to incorporate as a Delaware corporation. Certificate of incorporation. ... Sole incorporator consent. ... Bylaws. ... Initial Board Consent.
The Delaware General Corporation Law requires that all corporations have bylaws. These should be planned and drawn up as part of the incorporation process.
No. Your corporate bylaws are internal documents, which means they should be kept on file with your business records.
Your bylaws are not required to be filed with the Delaware Secretary of State and are therefore not considered public information. However, if a corporation is required to disclose its bylaws pursuant to SEC rules or other applicable law, they will be made available to the public.
After a corporation other than a nonstock corporation has received any payment for any of its stock, the power to adopt, amend or repeal bylaws shall be in the stockholders entitled to vote. In the case of a nonstock corporation, the power to adopt, amend or repeal bylaws shall be in its members entitled to vote.