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What are Bylaws?
You have formed your business, and you’re super excited to get started, but now you have to organize the company and lay out some rules.
Start with Bylaws.
Bylaws are legally binding and governed by a higher authority, such as the state or federal government. Non-profit organizations are federal entities, and the bylaws will consist of both state and federal laws.
When drafting your document, make sure you are not in direct conflict with any state, local, or federal laws.
Be mindful not to overload your bylaws with information that could go in an employee handbook or a policy statement.A good rule of thumb is to use bylaws for organizational purposes and use other business documents for specific day-to- day operations.
Bylaws are usually adopted in a board meeting and can be amended, they are not written in stone. They should include rules regarding amendments and a conflict resolution.
Does an LLC need Bylaws?
Although it is not a requirement, nor do you have to file them with the state, it is a good idea to have them when seeking funding from lenders. Most lenders will request them as a means to evaluate the organization of your company and how it functions.
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