Corporate bylaws are essential documents that outline the internal rules and procedures for a corporation. They govern how the company operates, detailing the roles and responsibilities of directors and officers, the process for holding meetings, and how decisions are made. Bylaws help ensure that the corporation runs smoothly and in compliance with applicable laws. These rules are typically created during the formation of the corporation and can be amended as needed. Shareholders and board members refer to the bylaws to understand their rights and obligations, making them a crucial part of corporate governance.