Once the articles are filed they become part of the public records and anyone can obtain the information in the articles of incorporation. Corporations usually have a set of bylaws which govern how the corporation is run. These bylaws are not generally a public record. The bylaws are adopted by the shareholders who formed the corporation or by the board of directors elected by the shareholders. The bylaws can later be changed by a vote of the shareholders or the directors, depending upon the provisions of the articles of incorporation or the bylaws themselves.
Corporations enjoy many advantages as a business form.
Perhaps the most important advantage is that a corporation's stockholders, directors, and officers are not liable for the debts or other obligations of the corporation. Usually they are liable only for debts or other obligations which they have personally guaranteed or that result from their own negligence or misconduct. Because it is a separate entity, a corporation is not terminated or dissolved upon the death or departure of a shareholder. As a result, upon the death of a shareholder the assets of the corporation are not tied up in the shareholders estate. This type of agreement ensures that if the shareholder wishes to sell his shares they will be offered back to the existing shareholders or the corporation.