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1. Rescind or cancel the contract made and if he has made profit on any related transaction, that profit also may be recovered 2. Retain the property paying no more for it then what the promoter has paid for it depriving him of the secret profit. 3. If these are not appropriate (e.g. cases where the property has altered in such a manner that it is not possible to cancel the contract or where the promoter has already received his secret profit), the company can sue him to for breach of trust. Damages up to the difference between the market value of the property and the contract price can be recovered from him.
What else can I help you with?
What is the difference between a director and a promoter in a company?
A promoter is a founder of a company. He may or may not be the director of the company. If the promoter is a director of the company as well, then he is subject to receiving of dividends as per his proportion of shareholding in the company.
Who is the promoter of company?
The promoter of a company is the one who tries to get people to go there. This could be to buy products.
When was Albert Grant - company promoter - born?
Albert Grant - company promoter - was born in 1831.
When did Albert Grant - company promoter - die?
Albert Grant - company promoter - died in 1899.
How can you find a promoter for your drama company?
If you suck your toes you will instantly find a promoter.
Who is the promoter of a company?
The promoter of a company is the individual or group of individuals who take the necessary steps to organize and incorporate the company. They are responsible for developing the business idea, raising initial capital, and preparing the necessary legal documents for registration. Once the company is established, the promoter's role typically diminishes as management takes over.
What are promoters of a company?
The formation of a company is a lengthy process. It involves several stages. The first stage in the process of formation is promotion. At this stage, the idea of carrying on a business is conceived by a person or by a group of persons called promoters. For incorporating a company various formalities are required to be carried out. The promoters perform these functions and bring the company into existence. A promoter conceptualizes the idea of a company and the purpose of its formation. The promoter acquires and invests the initial capital for the company. Once all the formalities are completed, the promoter hands over the authority to the directors. A promoter can be a person or a registered company as well. Get Link: Norwayoffice.biz
Duties of a promoter?
A promoter has several functions. One duty of a promoter is to organize and finance an event for a company. Another responsibility is to set up and fund a new business.
What does a record company promoter do?
A record company promoter is best known for promoting a business, writing up and dealing with contracts and booking shows through various venues and gigs.
What are the disadvantages of being a promoter?
Some of the disadvantages of being a promoter of a company include; He has a burden of recruiting directors which may be hectic because he might recruit those that may not be of good faith and in the long run the company loses out. When a promoter is still processing the incorporation of a company, he won't be covered or paid his preliminary expenses as in law it is not a guarantee for the promoter to be remunerated. He also does not have privileges for example making profits in the due course of forming the company yet he engages his mid and soul to make sure that whatever he does for the company would be the best.
Can a company be a promoter of another company?
Yes, there are definitely cases where a company can be a promoter of another company and there are also opportunities for one company to get another company work contracts through the use of coordinated promotion efforts. These networks allow smaller companies to get more work. For an example check the link below.
Who is a company promoter?
A company promoter is a person/group of individuals who get people to invest money into a corporation, usually when it is being formed. Promoters general owe a duty of utmost good faith, so as to not mislead any potential investors, and disclose all material facts about the company's business.
