Who is a promoter?

Who is a promoter?

March 26, 2019

A promoter is a person who stands in a fiduciary relationship to a company and takes necessary steps such as raising capital, arranging for directors of the company, placing of shares and negotiating preliminary agreements in order to form a company and set it going. A person can be a promoter after a company is incorporated.

A promoter is not entitled to the recovery of any money or sum spent during the formation of the company including registration fees, capital fees or any preliminary expenses except there is a valid agreement that expressly states the remuneration of the promoter and recovery of money spent. In fact in practice, promoters get paid. A promoter may or may not be a director of the company.

FUNCTIONS OF A PROMOTER

  • To explore the possibilities of forming a company
  • To conduct the preliminary negotiations
  • To bring together the shareholders/subscribers of the MEMART and arrange directors
  • To assist or decide the structure, name, location and other important parts of the company
  • To ensure the registration of the company with the corporate affairs commission e.t.c
  • To aid the floating off of the company’s capital

 

TEAM 618 BEES

For further inquiries contact info@618bees.com 012803791

www.618bees.com

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.

This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

  • What is a copyright?

    Copyright is the exclusive legal right given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorise others to do the same.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.

  • Does Trademark registration protect my website domain name?

    Yes, it does.

Call Us Now on +234 901 719 0079 Whatsapp icon Chat on WhatsApp