Bylaws are statements made with regards to an entity such as an organization, society or club. They are formed as guidelines to the entity for its existence. There are many types of bylaws depending on the structure and objective of the entity at hand.
A business organization also has bylaws to direct its plans and progress in its business dealings. When an organization is public listed, it needs bylaws to showcase its operations and finance accountability. There will be scheduled shareholders’ and stockholders’ meetings where the corporation is to account for its operations, decisions and accounts.
The bylaws in a business allow the shareholders and stockholders a voice in the company’s operation and processes through voting and annual meetings. The business plan bylaws may also state the different benefits a shareholder or stockholder is entitled in terms of dividends and shares, depending on the performance of the organization.
A business plan bylaw template records the following:
* Corporation Name
* Corporation premise & address
* Mission & Vision statement
* Scope of Business
* Scheduled meetings
* Membership conditions
* Roles & Responsibilities
The business plan bylaws list the structure for appointing directors, office bearers and committee annually. The bylaws will also specify the duration of notification to be given to members for any business meetings to be held to allow members’ attendance and say.
Consider the attached sample template for your convenience.