What is the difference between a Board of Advisors and a Board of Directors?
Zell Law, PLLC ·
You’re probably familiar with the role of a board of directors (BoD). A board of advisors (BoA) usually is formed by informal action. The advisors don’t have the fiduciary duties or potential liabilities inherent in a board of directors. A CEO can handpick who serves, and no shareholder or board of directors’ approval is required. The advisors are governed by contract with the business.
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