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Bylaws: Glossary Definition

Definition of Bylaws:

Bylaws are the rules and regulations adopted by a corporation for its internal governance. Bylaws typically include provisions relating to stockholders; the frequency, date and time, location and requirements for calling stockholder meetings; the election, resignation and removal of members of the Board of Directors; and frequency, date and time, location, and requirements for calling Board of Directors meetings; the appointment of officers; the issuance of capital stock; and other general corporate matters.

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Today’s Question — Friday, July 30

Must I pay all of my employees?

It is not unusual for start-up companies to have limited cash resources. It is also not unusual for entrepreneurs to entice employees to the company by offering stock compensation, instead of cash, until such time as the business can afford to pay regular salaries. However, it is advisable to consult with an employment lawyer in your state of operations to determine if this is permissible under the state’s wage statutes. In most cases, the lawyer will likely advise that each employee be paid an amount equal to applicable minimum wage amounts.

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