No. But depending on the directors‘ background, level of experience, and the value they bring to your business, you may want to consider some kind of compensation or even equity. Not only are they worth it, but you’ll get a commitment from them that won’t otherwise exist if they’re just donating time and expertise. Specifically with respect to officers, there is an expectation of payment.
Do I have to pay directors and officers?
About the Author: David Herzog
Since 1993, I have represented hundreds of businesses and individuals in a variety of industries. Small business legal advising . . . that's my thing.
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