In a wholly owned or closely held corporation, there really is little distinction between the functions of a board of directors and those of a board of advisers.

Question

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In a wholly owned or closely held corporation, the distinction between the functions of a board of directors and a board of advisers can be minimal because both bodies may be composed of similar individuals who provide strategic guidance and oversight, and the formal separation of roles may not be as strictly maintained as in larger, publicly traded companies.

In a Wholly Owned or Closely Held Corporation, There Really