When you form an entity, you must prepare a list of guidelines and rules the organization will adhere to during its daily activities in the upcoming months and years - draft Wyoming Corporate Bylaws that must be followed by all the board members, officers, and top managers of the business. The state requires every corporation to compose and maintain a copy of the bylaws - they will determine how the company will operate.
To make sure your bylaws are effectively protecting the business and all individuals related to it, you need to state the name and the purpose of the organization, outline the internal structure of the company, list the names of the board members and indicate how long they can remain on the board, explain how the entity must amend its laws and adjust agreements signed with third parties, and elaborate on the future issuance and distribution of stock. There is no obligation to file a copy of the bylaws with any state or local authorities, simply keep them in writing and update whenever you have to.
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