So I am a member of a corporation, an undocumented partner, if you will (no paperwork, no contract). I have been asked, like all others in my corporation in this situation, to sign a piece of paper acknowledging receipt of a copy of the corporate bylaws -- which were debated, and debated, and debated -- and none of us is a lawyer.
Should I be suspicious, or is this usual / customary?
Fred S
Favorite Answer
There's no such thing as an "undocumented partner" of a corporation. You can be an officer, director and/or shareholder, but not a partner.
If you're an officer or director, you should receive a copy of the bylaws, and you should acknowledge receiving a copy. You don't have to acknowledge you understand the bylaws, just that you received them.
If you don't have acknowledgement of your position in the corporation (ie, you're just a regular employee), you don't need to bylaws. However, it would be reasonable for the corporation to request that you acknowledge you understand the company's policies and procedures.