Once you launch your own business and officially register your corporation with the authorities, you have to prepare a formal document that outlines the basic principles and goals of the company and lets its officers and managers know how the hierarchy of the entity works and how to resolve the issues between the people involved in the management of the company - draft and adopt the Oklahoma Corporate Bylaws .
Whenever you have to demonstrate your internal documentation to the IRS during an audit or prove to a prospective business partner your organization operates smoothly, you will be able to refer to this statement as evidence of the company's legitimate status. Make sure you include the following information in the bylaws and update it whenever necessary: the objectives of the business, the rights and obligations of the board of directors, the procedures the organization must follow to gather a meeting of the board to discuss the relevant issues, and the provisions that provide for the entity's dissolution and the amendment of existing regulations.
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