New York corporate bylaws are guidelines established at a corporation’s inception that dictate its operations and structure, including director and shareholder roles, meetings, and dividend distribution. Initially crafted by incorporators, these bylaws can be modified by a majority shareholder vote or directors if permitted.
They encompass responsibilities, corporate actions, share distributions, and dissolution procedures, ensuring legal compliance and organizational clarity.
Legal Requirements
New York mandates that corporations establish and uphold bylaws, in line with state regulations (BSC § 601(a)). Additionally, corporations are obligated to adhere to further statutory duties pertinent to their activities.
- Annual Meetings – BSC § 602(c)
- Corporate Bylaws – BSC § 601
- Issuance of Stock – BSC § 501
Naming Considerations
- Required Words: “Corporation,” “Incorporated,” “Limited,” an abbreviation thereof, or language of like import (choose one).
- Prohibited Words: No language considered obscene, derogatory, or that states/implies any unlawful activity, and you must obtain consent from the appropriate agency to use terms related to licensed professions or businesses.
- Name Reservation Period: 60 days.
- Renewal Period: Renewable no more than two times.
- Transferability: Yes.
