Explore the legal terms and concepts related to Pre-Corporation Formation. Click on any term below to learn more about its definition and applications.
What are subscribers?
Subscribers are persons or entities who make written offers to buy stock from a corporation not yet...
For what period of time is a pre-incorporation offer to buy stock irrevocable?
The period of irrevocability for a pre-incorporation offer to buy stock is generally 6 months, but t...
What duties must promoters follow as fiduciaries?
Promoters are fiduciaries of each other and the corporation. Therefore, promoters cannot make a secr...
When is a corporation liable for its promoter's contracts?
The corporation becomes liable on a promoter's pre-incorporation contracts when the corporation adop...
When is a promoter liable for their contracts?
The promoter remains liable on pre-incorporation contracts until there has been a novation. If the p...
What are promoters?
Promoters are persons acting on behalf of a corporation not yet formed.
