If its level of support surpasses a minimum consensus coefficient, it may be adopted. 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. 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. Corporate bylaws define a corporation's purpose, how it will operate, and the duties and responsibilities of the people who own and manage it. They also let you specify shareholder ownership rights, select officers and directors, plan annual meetings, and establish how to remove officers or directors. Corporate bylaws also describe how stock is issued by the corporation. Corporate bylaws are sometimes called corporation bylaws, company bylaws, or a bylaws template. The Corporation will retain ($) of its net income, plus any additional amount the Shareholders reasonably believe necessary to meet financial needs of the Corporation, including, but not limited to the development or expansion of its business.