ARE YOU READY TO BE A NED?
Could a Senior Member of Staff be held responsible for a decision you made together about the Company?
- never – they are not a Director
- always – if they acted without your explicit agreement
- probably – if you abdicated responsibility
ARE YOU READY FOR A FORMAL BOARD?
Your Company is looking for external investment. How would the equity or debt funder prefer the Board to operate?
- to have control of all investment decisions
- to be a mix of shareholders and non-shareholders to debate investment decisions
- to be equal shareholders to debate investment decisions
HOW EFFECTIVE IS YOUR BOARD?
You send your office junior home with the post. They have an accident on the way back – the car is not insured for business.
Do you have any liability implications?
- yes – you and your business are liable for damages to both cars
- yes – you are liable for damage to both cars
- no – this was not a business trip as the business didn't pay mileage