‘The job isn’t done until the paperwork is complete’, a popular axiom used especially in business. It identifies with the requirement that every corporate entity maintain its legal status and understanding between all investors and the management team. These understandings are the essence of the “formation” of the corporate entity. Failure to do the paperwork can create legal snafus such as the loss of corporate protection for both officers and owners of the company
By-Laws are a set of rules endorsed by the stockholders as to how the governing body and officers are elected and appointed. The rules identify the relationships of all the respective parties involved in the overall management of a company.