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In general terms, the principals of a corporation are the owners or investors, referred to as shareholders or stockholders. The agents of the corporation are generally considered to be the board of directors, officers or other persons the corporation authorizes to act on its behalf.
They also let you specify shareholder ownership rights, select officers and directors, plan annual meetings and the create rules around the removal of officers or directors. Corporate Bylaws also describe how stock is issued by the corporation. By creating Bylaws, you'll clearly define how your corporation will run be and you'll set expectations for shareholders, officers and board members. Other names for this document: Corporation Bylaws, Company Bylaws, Bylaws Template.