When a company is formed, the first thing to do is to draw up the bylaws. The bylaws are the rules that will govern the operation of the entity . They cover vitally important issues, such as how to adopt agreements, how to manage the company (a single administrator or several, jointly or severally, or a board of directors); the appointment of the person or persons who will play that role and many others that we will see.
Statutes are not specific to limited companies . Any phone number format philippines entity must have them, whether it is an association, a community of property, a community of owners, a civil society... Their content has legal force and obliges the parties that sign them to respect them.
Basic content of the statutes
The statutes must contain, as a minimum, the following information:
- The name of the entity, its constituent capital, if any, and its registered office.
- Appointment of the director or representative ; term of office and possible remuneration.
- Method of making agreements. Term and system of convening the shareholders' meeting.
- Method of action in the event of death or abandonment of the entity by a shareholder.