Corporate bylaws, also known as "company bylaws" are the sets of rules and legal documents that are created as a prime responsibility by the company's board of directors. These are usually documented as a single piece that sets forth the rules and regulations governing the company's day-to-day activities and operations and is formed at the time of inception of the corporation.
Companies need bylaws to dictate how they will operate and decree how the company will run. These will include rules and regulations regarding the structure of the managerial staff, the agendas of meetings, stock decisions, and other policies that are crucial to the company's processes.
Corporate bylaws can be summarized as the "corporate manual" for the company, its management, and the employees.