A friend or acquaintance approaches you to be ‘on the board’ of his or her new company, to give input or guidance. You happily sign on the small-print free dotted line, pleased to help out and perhaps you’re being paid for your time too, and you may also gain some valuable experience along the way. But remember that accepting appointment as a director or a company should not be done lightly. A web of legal duties exist which by law a director owes to the company, and it is a very good idea to be aware of these and take them into account before saying yes. Your attorney will be able to advise you of your obligations and the most important provisions which you need to consider.
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