Corporate bylaws are a corporation’s operational blueprint.
- By-laws outline the structure of a corporation, and they should be customized for each individual company’s situation.
- By-laws set forth the rights and powers of shareholders, directors, and officers they determine how those in charge are nominated or elected
- They also help settle any disputes among parties that may arise
- Finally, a corporation’s by-laws must be formally adopted and amended as necessary
Knowing that IDA specializes in the Independent Distributor market and the way that they worked with me… I knew immediately that I was in the right place. No one compares!
Bylaws set the ground rules
The content of corporate bylaws varies, but typically includes the time and place for meetings of officers, set up of officers and any other provisions deemed necessary.
There should be job descriptions for the officers (i.e., president, vice president, treasurer).
The same goes for any committees; there should be clear direction about the composition of committees and their role in the organization.
IDA meets all of our needs as IBOs. They have a plan in place to help you. Setting us up can be a lot of legwork, but they have all their ducks in a row.
Bylaws provide Continuity
The by-laws should discuss meetings and define whether they will be annual, quarterly or at some other pre-set time.
The by-laws must also lay out the time and place of the meetings, attendance requirements and how many board members are needed for a quorum (the number of directors needed to vote on a decision).
One of the IBO’s told me that IDA was what we needed. The insurance and paperwork can be overwhelming, but working with the IDA made it quick and easy. And it was done right.
Conflict of Interest
It is important that a corporation has a Conflict of Interest Provision in its by-laws.
This protects the corporation from Internal Revenue Service (IRS) penalties, which may occur if the IRS finds the corporation is providing unfair benefits to directors, members, or others.
For example, a director should not be allowed to vote on a matter in which that director may have a direct financial interest.
It’s so nice to work with a company that caters to the independent distributor. IDA customer service is awesome and everyone is helpful and attentive. With the amount of coverage we now have – plus the amount we’re going to save – it’s great!
When buying a new route and all that comes with it, IDA makes it easier for me to manage expenses and know what is going to happen. I wouldn’t go anywhere else.
Now I have everything my Brand requires plus additional features that give more protection and I still saved about 30% more from what my previous carrier charged. The IDA is my choice.
