It’s taken a huge stress off me as I have been really bad feeling angina most days several times & things have been so depressing it’s really been a nightmare over the past few months…. 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. Who is going to run the races, if the regular organisers are not there any more? Who is going to replace the expertise of the current photo-finish service, if it isn’t there any more?