A Letter of Appointment For Board Advisers is a formal letter appointing a new member to your company’s board of advisers.
One should be put in place for all members of your Advisory Board.
An Advisory Board is a group of business professionals who help you run your business better and may include successful entrepreneurs, experts in your industry, and individuals with legal, financial, marketing, and other specialist expertise, depending on your needs. Advisory Boards are informal, unlike your Board of Directors, and do not have authority over the governance of your company.
This Letter of Appointment For Board Advisers contains provisions regarding:
- the role of the advisor and the expertise, guidance, and advice you require of him or her;
- the assignment of intellectual property to ensure that all IP rights in work created by the Advisor as part of his or her advisory role belong to the company;
- confidentiality to ensure that the Advisor is contractually bound to keep that information a secret; and
- details of any equity you may be offering the Advisor in return for his or her services.
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