Everyone has benefited. Bob and Fred have worked hard to pull together information about the emerging information superhighway that will be useful to each adviser in his or her business. We have pressed Bob and Fred to refine their business concept. Bob and Fred are assembling would cost quite a bit if purchased from a consultant. The strategy consultant and I similarly value the information and expect that, if things work out, we'll be involved at some point in a professional fee-paying capacity.
Every corporation is required to have a board of directors as a matter of law.
In some cases the legal board carries out all or some of the functions of the board of advisers, but the legal board has additional responsibilities and liabilities. Corporate directors, for example, are accountable to stockholders and have liability under a variety of statutes, ranging from securities laws to employment and environmental matters. For that reason, it's often difficult to convince experienced advisers to become directors. In addition, the entrepreneur often needs specialized advice over relatively short periods of time. In those cases an individual adviser relationship or an ad hoc board for a specific function often works better than trying to add the required expertise to the legal board of directors.