The presence of the holders of a majority of the shares entitled to vote at any meeting of the shareholders will constitute a quorum for the transaction of business. Your bylaws are a product of your business' size and complexity; however, there are some basics that most businesses will cover. Reviewed by Rocket Lawyer On Call Attorney C. Mario Jaramillo, Esq.When your company is organized as a corporation, many states require you to create Corporate Bylaws to set basic rules around how your business is run. Even if Bylaws are not required (see state-by-state requirements), it's a smart idea to put them in place so you'll have clear rules in place. A majority of the authorized number of directors will constitute a quorum for the transaction of business. Bylaws are usually written by the incorporator shortly after filing their articles of incorporation. Bylaws can also be created by the board of directors as one of their early official actions.