Corporate bylaws are generally thought of as a standard set of documents that you get from a legal zoom or a legal forms book. They tell you when to hold your meetings, how to hold those meetings, and the kinds of notices that are required for those kinds of meetings. They also talk about the officers and directors roles in the company. It’s important to make sure you understand what your bylaws say at the beginning so that if a problem comes up, you know how to solve it. One of the benefits of a corporation is you have the corporate entity with the bylaws that tell you what the rules are. There are some provisions you can add to your bylaws that help significantly. One of the provisions that we add on a regular basis is the right of first refusal to buy stock if somebody goes to sell it. So if one of your partners decides to leave the company, and they want to sell their stock, they first have to offer it to you, under the same price and terms as an outside, third party buyer.
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