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Start-ups with one founder rarely have or need a board of directors. In fact, such a board would seem out of place in a one-person company. As soon as any outside money is ingested into the corporation, others have a vested and legal interest in the behavior of officers entrusted with the best use of funds. Money from friends and family usually is offered in a casual manner with much less restriction than professional investors, so that a formal board is a logical step but not often created
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