The Michigan corporate bylaws are used to administrate a newly created corporation and regulate the authorities and duties of its members. Through the bylaws document, the company directors or incorporators can establish the organization’s policies, structure, and operational procedures to ensure that officers and directors are conducting business under a mutually agreed-upon set of guidelines. The document will also relay the terms for indemnification of officers and directors in the case of legal action brought against them in their corporate capacity.
Bylaws required? No, there is no requirement for Michigan corporations to execute corporate bylaws; however, it is common practice to do so.