Maryland corporate bylaws are essential for the internal management of a corporation. They outline the structure and procedures that the business will follow daily, including calling meetings, appointing directors, establishing committees, communicating with shareholders, and voting.
Corporate bylaws must be enacted at the first organizational meeting of the initial directors, which should be scheduled three days in advance.
Legal Requirements
Corporate bylaws are required in Maryland (§ 2-109(a)(1)).
Naming Considerations
- Required Words: “Corporation,” “Incorporated,” or “Limited” and their abbreviations, such as “Corp.”, “Inc.” or “Ltd.”. Additionally, you can use “Company” or “Co.” as part of your business name, but only if they are not immediately preceded by “and” or “&”.
- Prohibited Words: Language indicating/implying that an entity is organized for an impermissible purpose.
- Name Reservation Period: Effective until the close of the calendar year.
- Renewal Period: Renewable year-to-year.
- Transferability: Yes.
