Tue, 27 October 2020
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Board members have a fiduciary duty which means they must exercise good business judgment, put the company’s interest first, and act in good faith.
Board members work in the following areas:
If the company becomes insolvent then they must act on behalf of the creditors.
Board members are responsible for making sure taxes and employees are paid and may be held personally liable if they don’t.
Board members work under the protection of the business judgment rule.
This means the board member is not liable unless they act in haste, are found to abuse their discretion, or breach their financial duty.
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