Advisory board definition
What is the definition of an "advisory board"?
An advisory board is a group of individuals who have been assembled to offer advice and guidance to the management team of a company, but without the authority to mandate implementation of the advice. An advisory board differs from a professional corporate board of directors which has legal responsibility and authority, and therefore, legal exposure.
Small businesses often benefit from advisory boards for the business as a whole or specialized areas such as science, technology, marketing or any other specialization.
Even for individual entrepreneurs, an advisory board is a great way to get advice and counsel from an impartial source.
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