Setting up a Board And Recruiting Directors: Tips for Startups

Many SMEs and Startups companies tend to be reluctant to set up a statutory Board of Directors and do not prioritize this. One of the reasons for this reluctance stems from concerns about sharing information about the company's operations and financial performance. Consequently, many entrepreneurs end up with informal “advisors” or advisory boards composed of family, friends, business associates. Others just “DIY” and turn to the Internet for guidance. Given that they have no legal responsibilities, advisory boards are not able to exercise oversight or provide compelling leadership to the business

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