When boards of advisers are better than boards

Keeping things simple has added meaning when it comes to the running of a company.

Many family businesses will opt for a board of advisers of sorts over a board of directors. There’s a simple difference. 

A board of directors is a legal requirement and has fiduciary duties to the shareholders of the corporation. A board of advisers is not a requirement and bears no legal responsibility to the shareholders of the corporation.

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