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Old 18th November 2004, 01:09 PM   #1
Linda
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Default Advisory Boards: Seven Great Reasons to Have One

Hey Guys
Here is a great article on reasons why an advisory board would benefit small businesses by our forum member Anita Campbell.

http://www.smallbusinessbrief.com/ar...ng/000404.html

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Old 19th November 2004, 12:59 PM   #2
Anthony Cerminaro
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Default Advisory Boards -- Legal Issues

The article is a good one and correctly states that the Advisory Board is not the same as the Board of Directors. This is, however, a double-edged sword.

Directors of a Company are automatically protected by statute and corporation law from personal liability for their reasonable actions as directors. Companies often also cover their directors with officers and directors liability insurance.

Advisory Board members do not have these protections. Theoretically, if the Advisory Board functions as intended -- just giving advice -- this may not be a problem. Often, however, it is not obvious in practice, where the Board of Directors ends and the Advisory Board begins.

If a company decides to establish an advisory board, it should do so in a way that minimizes any risk of liability for the advisory board member. I have outlined some of the protective steps which can be taken in the following post on my blog, Bizz Bang Buzz

http://bizzbangbuzz.blogspot.com/200...ry-boards.html


Last edited by Anthony Cerminaro; 19th November 2004 at 01:00 PM. Reason: missing title
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Old 20th November 2004, 09:41 AM   #3
Anita
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Smile Good to see you on this Board, Anthony!

Hi Anthony,

It's good to see you over here on this Board! Welcome!

Your article makes excellent follow-on reading.

My goal with my article was to keep things simple for small companies that want to ease into an Advisory Board. And answer a series of basic questions that people are always asking me (what does it cost? how many meetings do you have to hold? etc.).

I've worked with a lot of companies that have started Advisory Boards or considered starting them. I'm currently volunteering on a Powerlink advisory panel over in your neck of the woods (Pittsburgh).

You know what the biggest problem for a business owner can be? Not using their Advisory Boards enough!

Best,
Anita

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