Week 11 - Promoters Flashcards
1
Q
Who are promoters?
A
People responsible for setting up and registering a company
2
Q
What are promoters?
A
People that can be sued before a company has come to life e.g haven’t paid rent for building
3
Q
What are promoters often?
A
Often also the directors of the registered company
4
Q
A promoter is not a ____ but they are a ____
A
A promoter is not an agent but they are a fiduciary, thus they owe a duty of good faith and integrity
5
Q
What do promoters need to disclose and what happens if they don’t?
A
Promoters need to disclose any personal interest - failure to disclose makes the contract voidable
