consequences for pre-incoration contract?
and who is liable?
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corporate laws
Replies (2)
promoters should act in ttust and accountable to the company for all gains earned in pre incorporation contract.Company may agree to reimburse them for all expenses incurred in GOOD FAITH by those promoters or directors .It's upto the company whether to held itslef a party liable for all pre incorporation contracts and there is no obligation on part of company to step into the shoes of promoters
if company after incorporation ,agrees to incorporate preincorporation contracts then company itself is liable
if not agreed ,then promotors are liable
if not agreed ,then promotors are liable
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