Which of the Following Statements About Advisory Boards Is Incorrect

Multiple Choice

Which of the following statements about advisory boards is incorrect?

A) If a firm has a board of directors, it is not permitted to have an advisory board.
B) Many people are more willing to serve on a company's board of advisors than its board of directors because it requires less time and there is no potential legal liability involved.
C) Most boards of advisers have between 5 and 15 members.
D) A growing number of startups are forming advisory boards.
E) An advisory board can be established for general purposes or can be set up to address a specific issue or need.