What document typically details the rights and responsibilities of shareholders?

The corporate by-laws are fundamental documents that outline the internal rules and procedures for the corporation’s governance. They encompass the rights and responsibilities of shareholders, detailing how the corporation will operate and the protocols for various corporate actions, such as meetings and voting. The by-laws are essential for ensuring that shareholders understand their roles, including how they can influence decisions through voting rights, their obligations concerning meetings, and the process for handling conflicts of interest.

In contrast, the Articles of Incorporation primarily focus on the creation of the corporation and include details such as the corporation's name, purpose, and basic structure. While they are crucial for establishing the legal existence of the corporation, they do not delve into the operational nuances and shareholder responsibilities in the same way as by-laws.

Financial statements provide a snapshot of the corporation’s financial performance and position but do not address governance or shareholder rights. A shareholder agreement, while relevant to relationships between shareholders, is not a document that governs the entire corporation's operations. Instead, it is a contract that may cover specific arrangements among shareholders.

Thus, the corporate by-laws are indeed the appropriate document for detailing the rights and responsibilities of shareholders within the framework of the corporation.