Not picking on you in particular, but my understanding is that if an entity is a "corporation" it must have a BoD and certain mandatory Officers (though they need not necessarily be compensated, and these requirements may differ from state to state). So I suspect that the only way we could actually eliminate the BoD would be to legally convert PTSC into either a partnership (with a whole lot of partners!) or an LLC (with a whole lot of stakeholders).

Assuming I'm correct re: the above, consider the probable administrative cost of caring for (reporting, managing taxes, etc.) that many partners/stakeholders. Also consider the difficulties it would probably pose if a partner/stakeholder wanted to alter their holdings, or if someone new wanted to buy in. We would have to hire some agency to manage all that at a probable huge cost. Probably more than our BoD/Officers are compensated. And who is going to keep an eye on that agency?

IMO, discussion of essentially undoing our corporate status is non-sense. However, talk of replacing BoD members and/or corporate officers is fair game (and certainly justified). Ditto talk of reducing their compensation to a level consistent with industry standards for our size business, and commenserate with their actual/tangible contribution to the company's success.

But, note I say "talk", because to date nobody has come with a viable plan to effect any change to the status quo. IMO, the only way we could ever effect change would be to get in a position where a majority of shareholders (i.e., shares) are sympathetic to this cause. Make that happen!

Wish I could!

Of course then those majority shareholders (shares) would have to come to agreement re: the replacement BoD/Officers. Make that happen!

Wish I could....

FWIW,

SGE