Startup Funding Espresso -- Board Fiduciaries
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\u2019s interest first, and act in good faith. Board members work in the following areas: They set policy for the company Evaluate the CEO Check the financial resources for sufficiency Approve annual budgets Provide updates to the investors for the company\u2019s performance 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\u2019t. Board members work under the protection of the business judgment rule.\xa0\xa0 This means the board member is not liable unless they act in haste, are found to abuse their discretion, or breach their financial duty. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let\u2019s go startup something today.___________________________________For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0 For Feedback please contact info@tencapital.group