Page 2 of Advisory Board Member Guide by Click Legal

Advisory Board Member Guide (Free)

Free guide to roles, structure & best practice for advisory boards

Use this guide to:

  • Understand what an advisory board is and how it differs from a board of directors
  • Decide when and why to create an advisory board
  • Learn how to choose, structure and manage advisory board members
  • Reduce legal and practical risk while getting more value from advisers

Plain‑English explanations

Complex rules explained in simple language.

Practical examples

Real‑world scenarios, diagrams & checklists.

Ready to share

Ideal for briefing leaders & training your team.

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About this Document

Use this guide if you:

  • Run a startup or SME and are considering setting up an advisory board
  • Want outside expertise, networks & challenge without a formal board of directors
  • Are already using informal advisers and want more structure and clarity
  • Are a professional considering joining an advisory board and want to understand the role

It is suited to:

  • Business owners & founders in Australia
  • Startups & growth‑stage SMEs seeking strategic input
  • Executives and management teams who want independent perspectives
  • Advisors, industry experts & professionals exploring advisory board roles

What this guide covers:

  • What an advisory board is and how it differs from a board of directors
  • When and why to form an advisory board (and when not to)
  • How to choose the right mix of advisory board members
  • How to structure meetings, agendas and information flow
  • Best practice for confidentiality, independence and legal risk management
  • Common compensation models – equity, fees, retainers or pro bono
  • How to manage performance, term limits and stepping down gracefully

You receive a free, plain‑English PDF written by Australian legal professionals that you can share with your co‑founders, executives and potential advisers. It is a practical starting point for designing or joining an advisory board, and pairs well with the Advisory Board Agreement templates when you are ready to formalise appointments.

Step 1

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Step 3

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Focus on growing your business with rock-solid legal protection

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