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Bylaws are internal and help get the corporation operating. While not legally required to have bylaws, doing so helps the corporations credibility and can help when trying to take out a loan, obtain credit, or other similar matters. Appointing Directors Whoever signed the Articles of Incorporation—known as the " incorporator "—will need to appoint the initial set of directors who will serve on the board. At the first yearly meeting with shareholders, the shareholders will then elect new directors to serve for the next term. The incorporator is required to file a statement with all of the names and addresses of the directors and then keep it in the records book. This is an internal document and does not need to be filed with the Secretary of State. Initial Board of Directors Meeting At the first Board of Directors meeting, the directors should elect corporate officers, who basically act as agents of the corporation. They should also adopt the corporation's bylaws, select a bank, and authorize the amount of shares they will issue.
