You and your business partners have a great idea that you are convinced will be successful. Going into business together will help you all pursue your common goals, and provide each of you with a comfortable standard of living.
Part of forming a corporation involves creating corporate bylaws. This document details how your business will operate, what type of procedures it will follow, and provide general guidelines for what it will and will not do during its operational life. In addition, the bylaws will provide descriptions of the duties of the officers and directors as well as how the members will conduct meetings and the procedures for amending the bylaws.
After years of planning and saving capital, you were finally able to open your own home décor retail shop. Your grand opening is set for the end of the week, but you have a problem. Your supplier did not fill your order correctly. Instead of sending you the décor you ordered, they shipped you a truckload of kitchen appliances. There is no way to get your corrected order to the shop in time for the opening. Now, you have to cancel all the events you had planned and work another day for your opening. You will lose your deposits on the entertainment and caterer you had booked.