Startup Terms Glossary
What are Bylaws?
By-laws are a set of instructions drafted by a startup that delineates the overall board of director management. They can also address when executive staff and founders need to obtain board consent or have permission to act on behalf of the startup company. Startups use by-laws to avoid internal disputes regarding how to settle business decisions.
Examples of sections startup by-laws include:
- Example 1. Confirmation of stockholder action
- Example 2. Roles and responsibilities of officers
- Example 3. Number and duties of board members
- Example 4. Electronic transmission notices
- Example 5. Any applicable amendments and restatements
Here is an article that goes further into Bylaws.