When you incorporate your business, you must compose a document that lists the regulations governing the day-to-day activities of your organization and its plans for the future - New Mexico Corporate Bylaws . Once this manual is ready, you can be sure all people that work for the benefit of your business are on the same page when it comes to the expectations of the entity and the way it is supposed to be run.
Tailor the bylaws to your needs - indicate the name and the purpose of the company, describe the composition of the board of directors and their responsibilities, explain how often the board will hold their meetings and what kind of matters they will discuss, and outline the procedure to amend the existing bylaws. The laws of the state demand every business owner to draft this statement upon the official registration of the company but there is no obligation to submit the bylaws anywhere - just keep them with your internal documentation and be prepared to demonstrate them during an external audit or negotiations with a third party upon their request.
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