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Pre-incorporation contracts can be treated as valid when the company, once incorporated, adopts the contracts through a formal resolution or by ratification. Additionally, if the company’s articles of association permit it, these contracts may also be enforced. However, the individuals who entered into the contracts on behalf of the company may remain personally liable until the company adopts the contract. Ultimately, the specific legal framework governing the jurisdiction in question will also dictate the validity and enforceability of such contracts.
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What is the practical purpose of a pre-incorporation contracts?
to ratify and adopt
Can the company ratify the pre-incorporation contracts entered by persons other than promoter or subscribers to the memorandum?
Yes, a company can ratify pre-incorporation contracts entered into by persons other than promoters or subscribers to the memorandum, provided that the company adopts these contracts after its incorporation. However, the ratification must be done formally through a resolution, and the company must have the capacity to fulfill the obligations outlined in those contracts. It's important to note that the individuals who entered into the contracts may still retain personal liability unless the company explicitly assumes those obligations.
What is pre incorporation contract?
Pre-incorporation contracts may include agreements between the parties as to who will hold control, what capital is to be invested, how will shares be protected, who can be employed, which inventions/trademarks/copyrights are to be sold to the company, etc.
What is pre-incoporation contract purported to be made on behalf of a company?
pre-incoporation contracts are contracts that are entered into on behalf of unincoporated companies by their promoters or agents. just like the name proports pre-incopration contracts can only be entered into for companies that are yet to be incorp
What is the ratio of profit sharing for pre-and post incorporation of company?
The profit-sharing ratio for a company typically differs before and after incorporation. Pre-incorporation, profits are usually shared among the founders or partners based on their agreement, which may not be formalized. Post-incorporation, profit-sharing is determined by the ownership of shares, with profits distributed as dividends based on the number of shares held. This formal structure helps ensure clarity and adherence to legal requirements.
What is pre-cancer?
pre-cancer is one that can attack cells must be treated.
Who developed the theory of contract and release?
The theory of "Contracts" and or "Agreements" pre-dates the written history of humanity. The first laws about contracts and releases from contracts are from Sumeria and Babylonia.
What is pre pre cancerous?
pre-cancer is one that can attack cells must be treated.
Can you be treated for back pain at a er with out it being considered a pre existing condition?
You can be treated, the question about the pain be pre-existing will be determined by your insurance plan.
What are pre-incorporation transactions in company law?
Transactions between two parties (promotor of company and third party) before a company is incorporated.
What is meant by the phrase orange contracts?
Orange, one of the world leaders in mobile phone communications offers a wide variety of contracts both for mobile phone users. This also includes pre-paid contracts as well.
Is hyperthyroidism a pre existing condition?
Yes. It's a pre-existing condition. But it can be conditional. If for example you have hyperhtyroidism but was treated and it never reoccurred (you were not treated for it) for at least 6 months prior to enrolling for a health insurance, then the insurer won't consider it a pre-existing condition.
