By-laws describe the agreed rules governing the operations of the Professional Corporation.
Fort Worth Sample Bylaws for a Texas Professional Corporation
Category:
State:
Texas
City:
Fort Worth
Control #:
TX-PC-BL
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Sample Bylaws For A Texas Professional Corporation?
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FAQ
I am occasionally asked who should sign the bylaws. The question presumes that bylaws must be signed. Although the California General Corporation Law requires that the original or a copy of the bylaws be available to shareholders (Section 213), it does not require that corporate bylaws be signed.
The Texas Business Organizations Code requires that for-profit corporations and professional corporations have at least one director, one president, and one secretary.
Corporate bylaws are legally required in Texas. Texas law states that the board of directors must adopt initial bylaws for a corporation?per TX Bus Orgs § 21.057 (2019).
A professional corporation is a corporation that is formed for the purpose of providing a professional service that by law a for-profit or nonprofit corporation is prohibited from rendering.
Some of the most essential elements that need to be included in a draft bylaw are your organization's name and purpose, information about memberships, the roles and duties of board members, how to handle financial information, and an outline of how to keep the bylaws up to date or amended.
If your business meets the qualifications, S corporation status allows you to avoid double taxation, thus increasing your net profits. In many states, licensed professionals are not permitted to operate as regular corporations. However, a professional corporation is an alternative that provides limited liability.
Corporate bylaws are a detailed set of rules adopted by a corporation's board of directors after the company has been incorporated. They are an important legal document for a corporation to have in place as they specify its internal management structure and how it will be run.
These continuous requirements include those related to the following: Taxes. Corporations must file their annual tax returns. Securities. Corporations must issue stock as their security laws and articles of incorporation mandate. Bookkeeping.Board meetings.Meeting minutes.State registration.Licensing.
Here are eight key things to include when writing bylaws. Basic Corporate Information. The bylaws should include your corporation's formal name and the address of its main place of business.Board of Directors.Officers.Shareholders.Committees.Meetings.Conflicts of Interest.Amendment.
Professional corporations provide a limit on the owners' personal liability for business debts and claims. Incorporating can't protect a professional against liability for his or her negligence or malpractice, but it can protect against liability for the negligence or malpractice of an associate.