Illinois corporate bylaws are rules set forth at the inception of a corporation to configure and regulate the company’s internal affairs. Bylaws are designed to increase organization by clearly outlining the rights and responsibilities of the various positions held by corporate officers and directors. They also specify policies for calling and holding meetings, including the corporation’s quorum requirements and voting procedures.
Bylaws required? No. Despite their many benefits, corporate bylaws remain optional contracts that entities can choose to adopt during the organizational stages of the entity.