Doug Bend explains why attempting to save some money now by not drafting bylaws for your new company can cost you significantly down the road. Basically, because bylaws are the rules by which your corporation will be governed, they will come into play in situations like disputes among the corporation's owners and whether or not you will be entitled to limited liability protection if your corporation is sued. As Mr. Bend observes, having written bylaws to govern these situations can often prevent them from occurring at all, and can affect your company's operations in other meaningful ways.
- Summary by FizzLaw Team
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The Top Six Reasons Your Company Should Have Bylaws