Fiducia TogetherBoard and governance for small companies
Running the company properly when it is just you and a co-founder.
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.
What it means
Governance is the structure of decision-making and accountability: who decides what, how it is recorded, and who holds the executives to account.
Why it matters
Even a two-person company benefits from separating the operational conversation from the ownership one, and minutes are a legal requirement.
What it looks like in practice
A monthly board meeting with an agenda, financial pack and minutes takes an hour and changes the quality of decisions. Adding a non-executive director adds challenge.
What to watch out for
Decisions taken in the car and never recorded. It is a governance problem, a tax evidence problem and, in insolvency, a directors' duties problem.
Where to get proper advice
The Wates Principles for larger private companies, and the IoD for smaller ones.
Where to read more
Last reviewed 2026-08-28 by Fiducia Together · Next review due 2027-08-28
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.