Having a board does require certain formalities-like preparing meeting agendas and materials, and recording minutes. And yes, these activities take time. Hopefully, your board is effective at bringing value so this time investment pays off.
In some situations these formalities can prove valuable. For example, if at a future point in time some family members allege that the company is not being run properly, having copies of meeting materials and minutes can help demonstrate that there was appropriate board oversight.
We believe even the smallest of businesses can benefit from following some board formalities, even if the Board consists only of representatives of the two main owners of the company. Check out the full article for further discussion on the question of boards of directors for private companies.