Corporate Bylaws are what you make them.
They usually outline the basic rules for how the company is to be run, managed and operated.
They typically state the rights, duties and powers of shareholders, officers and directors.
They are usually kept in house for internal use only.
Bylaws generally will include the following items:
- The time and place for meetings of officers, directors, and shareholders
- The number of directors, their tenure, and their qualifications
- Title and compensation of the corporate officers
- The fiscal year of the corporation
- Provisions for amending the bylaws
- Procedures for the approval of contracts, loans, checks, and stock certificates
- Inspection of the corporate records book
You can be prepare your bylaws from scratch, or locate examples on the internet or in the tear-out forms provided in many of the self help published incorporation books.
All corporations are required by law to keep certain corporate records including, but not limited to:
- A copy of the Articles of Incorporation
- All corporate by-laws
- Minutes of shareholder meetings
- Shareholder resolutions
- Minutes of directors' meetings
- Resolutions of directors
- Directors register
- Securities register
- Share transfer register
- A copy of any forms filed with the government
- A copy of any unanimous shareholder agreement
For CRA and sales tax purposes, all tax records must be kept for seven years