Which of the following statements best describes articles of incorporation and bylaws?
A)The corporate bylaws are a standard set of rules established by the state of incorporation. These rules are identical for all corporations, and their purpose is to ensure that the firm's managers run the firm in accordance with government laws.
B)Companies must establish a home office in a particular province, and that province must be the one in which most of their business is conducted.
C)Attorney fees are generally involved when a company develops its articles of incorporation and bylaws, but since these documents are voluntary, a new corporation can avoid these costs by deciding not to have any.
D)The articles of incorporation are concerned with things like what business the company will engage in, whereas the bylaws are concerned with things like procedures for electing the board of directors.

Question

Quizplus · Accepted Answer

The articles of incorporation outline the basic information about a corporation, including its name, purpose, and stock structure, whereas the bylaws establish the internal operational rules of the corporation, such as the election of the board of directors and the conduct of shareholder meetings.

Which of the Following Statements Best Describes Articles of Incorporation