5 reasons why every small business should have a board of directors:
1) Write-offs: The travel, meals, lodging, merchandise, and other expenses related to the meeting become deductions
2) Asset Protection: Company minutes and annual meetings are critical to keeping your entity compliant
3) Audit Protect: Tax elections/positions and accountable plans should be adopted by the board each year
4) Strategic Expertise: Your board doesn't need to be all family members. Invite mentors, other business owners, or experts who can provide additional insights to help your business grow. If you have to pay them, that's deductible, too
5) Accountability: Depending on the frequencies of your meetings (should be at least annual), discuss 1 , 5 , and 10 year plans, and review how you are trending, what went right/wrong, and make adjustments accordingly
Keys to making them productive and valuable:
-Make them official
-Have an agenda
-Set aside enough time to cover everything