Minnesota corporate bylaws are used to define a corporation’s internal structure and management of the company. It is common practice for a corporation to draft bylaws upon formation to determine key provisions such as defining the board of directors, the time and place of company meetings, the authorities of shareholders and company personnel (directors, officers, etc.), and decision-making protocols.
Bylaws required? No. While corporations may choose not to implement bylaws, it is considered a standard step in the formation process as it enables the board to establish how the business will operate.
Chapter: Chapter 302A