After forming a corporation, rules governing the day-to- day operations of the corporation must be completed and maintained in the corporate records book.
Corporate bylaws govern the daily operations of the corporation. Bylaws outline, in writing, the day-to-day rules for a corporation and provide comprehensive guidelines to keep operations running smoothly. In addition, corporation bylaws detail the corporate structure and operations, addressing meetings, election of officers and their duties.
Prior to a decision regarding credit to a corporation, most financial institutions will request a copy of the corporate bylaws.