Bylaws are:
A) The terms by which partnership proﬁts are distributed.
B) The rules by which corporations govern themselves.
C) The agreements specifying which partners are general partners and which are limited partners.
D) The documents which set forth the business purpose of a ﬁrm.
E) The documents which specify how tax liabilities will be allocated among the owners.

Question

Quizplus · Accepted Answer

Bylaws are the rules and regulations by which corporations govern themselves. They set forth how the corporation will be governed, including the responsibilities of the board of directors, officers, and shareholders, as well as other important matters such as how meetings will be conducted, how voting will occur, and how decisions will be made. Bylaws are an essential part of establishing and maintaining good corporate governance practices.

Bylaws Are