how will be contract before incorporation will be dealt ....i.e. promoter paid the amount as advance before incorporation of company for fixed asstet n etc , after incorporation how will company adopt these payment .i.e.is any resolution to be passed bye member to adopt such contract........case is for pvt ltd co.
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pre - incorporation contract
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Just pass the Board Resolution in first board meeting adopting the pre incorporation contract entered by the promoter in its own name on behalf of the Company
For adoption of pre incorporation contracts there is 3 conditions:-
1. There should be the provision for the same in the Articles of the Company
2. Pre incorporation contracts must be adopted. and
3. Adoption must be communicated to the other party.
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