Depending on state regulations, creating a board of directors can be as simple as filing a descriptive amendment to your certificate of incorporation or corporate bylaws, or including a description when you file for incorporation. So don't delay because you're worried about the cost or time involved. Scheduling rules are flexible. If your company is growing fast or facing a range of complex business or financing issues, you may want to meet as often as every four to six weeks. For very young or mature companies, quarterly meetings will probably be adequate.
Size can kill.
Don't load up your board with so many people that you'll never get anything done. Compensation really matters. Professionalism is essential. Once you've set up a top-quality board, treat its members accordingly. That means holding meetings as scheduled, promptly reimbursing them for expenses, keeping accurate minutes of meetings, and otherwise doing everything you can to help your board work well for your company.