Florida Corporate Bylaws
What are Corporate Bylaws?
A corporation’s bylaws govern how the company is run, its management structure, the rights, responsibilities and duties of corporate directors and officers, and other issues concerning how the company operates. It is best viewed as a blueprint for how a corporation is managed.
Why Do I Need Florida Corporate Bylaws?
For one, Florida requires that all corporations have them (unless that power is reserved for the shareholders in the Articles of Incorporation). When you incorporate in Florida, you’ll be tasked with writing corporate bylaws.
Just as important, though, is that writing corporate bylaws is critical to running your business smoothly and efficiently. For example, every corporation must appoint directors and corporate officers (President, Secretary, Treasurer, etc.). The bylaws are where their duties will be explained. Even simple procedural issues, such as when and where the annual shareholders meeting will be held, are addressed while writing corporate bylaws.
What Must I Include in My Corporate Bylaws?
Every corporation writes its own, and so every company’s bylaws are specific to that corporation. There is not a single, one-size-fits-all set of requirements.
Most corporate bylaws forms address at least the following:
- Corporation Name, Purpose and Primary Office Location
- Members, Directors and Officers (Including Duties and Responsibilities)
- Number and Type of Shares of Stock
- Rights of Shareholders (Including Voting Rights)
- Annual Meeting Times, Locations and Procedures
- Conflicts of Interest
- Amendment Process
Where Do I File My Florida Corporate Bylaws?
Bylaws are internal, and they are not filed with any state or federal agency. Your bank, however, will likely ask to see them before extending any loans or lines of credit.
How Much Does It Cost for a Corporate Bylaws Kit?
Prices range, but the truth is you don’t need one. You can write them yourself, and you do not need to hire a lawyer or tax specialist to do so. Many clients call us to ask about a corporate bylaws kit. We do not offer a corporate bylaws kit, but as your registered agent service in Florida we can provide templates for you to use.
Am I Required to Include My Name and Address?
Yes. This is where you will establish ownership of your corporation. If you do not, it is possible that the ownership of your company may be called into question in the future.
For example, if your corporation is audited, the IRS will ask to review your bylaws to determine the shares of stock each shareholder owns and their percentage of profits and losses. Without your bylaws, the IRS will determine on their own who owns what and how much tax is owed.
Are My Bylaws Part of the Public Record?
No. This is an internal document, and it is not filed with any government agency.
There are, however, numerous documents that can be accessed by the public, and many of those documents will have your name and address on them. It is not possible to form an anonymous corporation in Florida, but you can form an anonymous LLC. If you are seriously concerned about keeping your information private, you may want to consider our Florida Double LLC.